specialist knowledge
YOUNG FAMILIES
SELF-EMPLOYED
COUPLES
Overview
Meet Steven and Jenny.
They’ve been married for 4 years and wanted to move house.
Steven is self-employed and runs his own restaurant group, while Jenny is employed at the local council.
Over the last year, Steven has seen the popularity of the restaurants soar. He’s now earning more than in the previous two years.
Special circumstances
COVID hit Steven and Jenny’s total earnings hard.
Steven had to make some difficult decisions to keep his restaurants open, reducing staff costs once Furlough ended. He used personal credit commitments to help him get by. When times were really tough, he didn’t pay himself a salary. As a result, he missed payments on a credit card and eventually defaulted.
Their lender initially averaged Steven’s income on their last mortgage, which didn’t affect affordability.
However, post-pandemic, the couple worried that the default would affect their mortgage application.
How we helped them
Steven and Jenny contacted their broker and, when the default was mentioned, he suggested Pepper was well placed to help them.
Their broker put the couple on our Pepper 24 product because of the default from just over two years ago.
We accepted Steven’s latest year’s accounts. What’s more, affordability was boosted by additional income, like his car allowance, pension contributions and use of his home office.
If Steven and Jenny remind you of your customers, get in touch today.
Key criteria
Criteria that could benefit your self-employed customers with adverse
No value limit on satisfied or unsatisfied CCJs and defaults
Latest year’s accounts accepted
Additional earnings accepted for 100% company owners
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