Prestige Financial Solutions completes complex Self Employed mortgage for an Affluent Borrower

Receiving a mortgage application decline can be a disheartening experience for customers. Unfortunately, it seems mortgage application decline is an increasing trend which many as many lenders are tightening their affordability calculation and criteria. According to an analysis by Quick Move Now 30% of property sales collapsed, due to buyers being refused funds by mortgage between April and June 2022. Prestige Financial Solutions has recently completed a complex self-employed mortgage for an Affluent Borrower with Pepper Money. The self-employed Affluent Borrower had received multiple mortgage application declines because of their credit file and employment status.

The broker was working with a self-employed customer who wanted to borrow 65% LTV to remortgage a property valued at nearly £950k in the North East of England. However, the customer was self-employed and needed to use their most recent year’s accounts for affordability, which reduced the available options. In addition, the customer had also recently paid off a number of large credit card balances, which had yet to be recorded on their credit file.

As a result, the mortgage application was rejected by multiple mainstream lenders as the outstanding credit card balances that were still showing on the credit file meant the customer was unable to demonstrate sufficient affordability. However, Pepper Money decisions are not restricted by customers’ credit scores and reviews every application on an individual basis, to look beyond the credit file and see the balances had already been paid off. This approach, combined with the ability to accept the latest year’s accounts for self-employed applicants, meant that Pepper Money was able to provide the large loan size the customer required.

Visit our Affluent Borrower page to find out how Paul Hurt from Prestige Financial Solutions was able to assist.