Together helps couple buy dream home with a four-day second charge loan

Michael Lloyd

July 16, 2019

Together has helped a couple buy their dream home using a second charge loan in four days, after they were turned down by a mainstream lender.

The self-employed applicant and partner had a mortgage offer from a high street lender but, even with savings, needed £50,000 more to meet the property’s purchase price.

Nick Jones, head of specialist distribution at Together, said: “This kind of case demonstrates how we can take a more flexible view, allowing the couple to follow their dream of home ownership despite complications in finance.

“We were able to thoroughly examine the case and as one of the applicants is self-employed we were able to look at their current income as well as future projections.”

The case was brought to Together by Loan.co.uk, who worked closely throughout the process to reach the successful outcome.

Aaron Noone, regional director at Loan.co.uk, added: “We had a very urgent case that needed multiple individuals to help, bringing together time and resources to focus on a customer, under significant pressure to complete the purchase of their new home.”

“We brought the case to Together because of their ongoing exceptional service, and we knew their flexible approach was ideal for this scenario in helping to achieve a positive outcome.”

The applicants, who were living with family at the time, own multiple buy-to-let properties. However, the property they chose to secure the loan against was one which the applicant’s brother was living in.

This meant Together agreed a regulated second charge of £50,000, secured against the buy-to-let, enabling the couple to buy their own home.

One of the applicants is self-employed, so the application was submitted using a tax calculation, whilst his partner, whose name also appeared on the application, used her pay slips.

However, despite this, they still didn’t meet Together’s affordability criteria. Therefore, as the figures were for year-end April 2018, an accountant’s certificate was used to look at income projections for the following year, meaning the couple were able to meet the criteria.

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