Did you know, here at Family Building Society we can look at using your clients other assets to help with affordability and not just the usual employed/self-employed income streams.
Your client also doesn’t need to be drawing it, they simply have to be able to have access to use it in order for us to consider. This usually means it may not show on a SA302/Tax Return which can sometimes pose issues with other lenders.
If you unsure about how to assess/treat these other income streams you can provide me upfront details of these assets and we can work together to build the case around your client’s needs.
Some assets we can consider are:
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- SIPP Pension Funds
- SASS Pension Funds
If property within it, we can consider the rental income from this property for affordability
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- Stocks and Share Portfolios
- Significant Cash Savings in ISA’s
- Investment Bonds
- Rental Property income
the list is not exhaustive, so if you have a client with other assets we may be able to look to consider those as well.
By monetising some of these assets into an income stream, this can potentially help the customer in a multitude of ways. Perhaps they were considering cashing in some of the investments to pay down a shortfall, providing a gifted deposit to a close family member, helping their family with their own mortgage with a JBSP arrangement, or they just simply wanted to keep their own mortgage for as long as possible and the high street’s doors are closed because of their age/or mortgage type (typically Interest only).
Could monetising the funds and drawing it over a longer period of time to pay down the debt be more beneficial?
We have a range of products and flexible criteria to help with these types of cases:
- Lending up to age 95 at the end of the term
- Up to 80% LTV for Interest Only mortgages
- Joint Borrower Sole Proprietor Mortgages, with oldest applicant up to the age of 95 – potentially longer terms than the high street, making the monthly payments more manageable for everyone!
- Up to 4 applicants on a mortgage, using all 4 applicants incomes.
If you have any questions/cases/queries or would just like to know more please give me a call and I will happily discuss anything you would like to go through
Have a great week!
Nathan Waller
Business Development Manager
M: 07387040895
Book a 30min Virtual USP refresher
E: nathan.waller@familybsoc.co.uk
W: familybuildingsociety.co.uk