Lender: Specialist Mortgage Lender
Product: Tracker rate
Mortgage Adviser: Jo Smerdon
Client name: Mr Fung
Mortgage Application date: 22nd Dec 2022
This sounded like a near impossible case to place based on the clients’ criteria and it didn’t surprise us at head office that he came to us after being turned away from 3 other mortgage brokers. Mr Fung found us after an internet search, was impressed with the reviews that the team had, and it felt like we were his last hope of a mortgage.
His situation was testing to say the least as he was a first-time buyer (easy enough to place) and a first-time landlord – Being a first-time buyer and first-time landlord reduces the number of lenders drastically. On top of this already tough criteria the client wanted to put the application into a Limited company name (making the choice of lenders we could approach a number you could count less than 2) Plus, there was one further complication that thankfully the lender was happy with and that was that the client was on a Tier 2 visa.
I must admit I was surprised that there was still a lender that would consider all these factors once put together on one mortgage application.
Mr Fung used to work in Hong Kong & Singapore before moving to the UK and got transferred with the same company to work from the United Kingdom. When he moved to England he stayed with family and hence did not own a residential property. His goal was to create some additional income in the UK and the buy to let route was his preferred option. He was advised by his accountant of the tax advantages of placing the mortgage under a Limited company name for tax purposes and this made the already limited choice of lenders even smaller.