Key Figures:
- Client: Pakistani National, UK Resident
- Property type: Main residence, freehold house in Central London
- Property value: £2,150,000
- Mortgage: £1,612,500
- LTV: 75%
- Interest rate: 2.41%, 5-year fixed
If you are self-employed, a business owner or an entrepreneur, accessing the right mortgage can prove challenging. Lenders want evidence that payments are affordable, both now and in the future, before they will consider granting someone a mortgage. Since self-employed individuals frequently have an unstable income, lenders tend to view them as complex and higher-risk borrowers.
Having said that, there are plenty of lenders, including high street banks, who specialise in self-employed mortgages. Here, working with a specialist broker who has experience in securing large self-employed mortgages is essential to getting the best deal and rates. Assuming you have a good credit history and your finances are well organised and stable, you will likely have access to a similar selection of mortgages as anyone else.
We were recently approached by a self-employed Pakistani businessman looking to finance a prime property in Central London. Located in the highly desirable area of Pimlico, the property in question was a discreet freehold house worth £2.15 million, and the client was looking to borrow 75% of the property price. With the client's family moving to the UK, the property was to be used as the main residence.
The client's company was based in Pakistan with earnings in PKR (Pakistani rupee) and the client had no UK credit footprint, which added a layer of complexity in this case. Enness' advisers have an unrivalled experience in handling applications for self-employed individuals and will take the time to understand your unique requirements and pair you with the best lender for your situation.
In this case, our adviser was able to source a lender that was willing to accept an overseas credit report for the application and could offer a competitive 75% LTV mortgage with a 2.41% interest rate and a 5-year fixed term. With Enness' assistance, securing a self-employed mortgage is simple and quick - even if you need to borrow a sizable sum.
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