Limited Company Contractor Secures Mortgage

Client Profile

An IT Project Manager operating via her own Limited Company, looking to purchase a home in Needham.

The Challenge

She only had 11 months of history on her current rolling contract, and traditional lenders were demanding 2 to 3 years of fully certified company accounts.

The Figures

• Property Value: £500,000
• Loan Amount: £400,000
• Loan-to-Value (LTV): 80%
• Term: 30 years
• Interest Rate: 4.55% (2-Year Fixed Contractor Product)
• Client Day Rate: £550/ day
• Monthly Repayment: £2,038

The Outcome

JMB bypassed standard self-employed assessments and placed her with a contractor-friendly specialist lender that calculated her affordability purely using her gross day-rate annualised (Day Rate x 5 days x 46 weeks).