A complex case with a positive outcome
Not every case fits the mould and that’s exactly why we take a practical, case by case approach. We recently reviewed a mortgage application for a 9 bedroom detached property being purchased by a single applicant intending to live there alone. The purchase price was £1.3m, with a loan of £949,000 at 73% LTV, proceeding on our F1 professional product.
At first glance, the case raised a few concerns:
- Size of the property for a single occupier
- Potential for the annex to be let out
- Significant increase in monthly mortgage payments
- Four timber stables on-site
But the strengths of the case stood out:
- The applicant, a self-employed barrister earning in excess of £160,000, had a strong financial position
- No dependants, minimal unsecured debts, and a good credit score
- The valuer confirmed strong owner occupier demand and that the annex wasn’t suitable for subletting
After requesting more detail from the applicant, we gained further comfort. He explained the decision behind the purchase as a rare opportunity, with future plans for a family, space for visiting relatives, and room for his dog to roam.
The result:
Case approved at £949,000 on a 36-year term
- Proceeded within standard policy, no need for exceptions
- Provided the broker with clear, practical feedback throughout
- Turnaround maintained within service standards
This is a great example of how our underwriters take a balanced, considered approach, while working with brokers to understand the full picture, rather than relying solely on the paperwork.
Have a complex residential application? Let’s talk today.