The Client
The clients were a couple looking to purchase their first home but one client was leaving their job to further their career prospects by taking a research position to further qualify and increase their earning potential. This would mean that they would no longer have an earned income and they would not be able to afford a property in their area with just the income of the remaining employed client. The client was due to receive a non-taxable stipend to support their studies but had been turned away by banks saying they could not accept the income.
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The Resolution
We managed to secure the clients a mortgage with a High Street Bank on a low, fixed 5 year interest rate. The bank were happy to accept this income and take the rationale in cases of this nature that the clients job prospects and future earnings will improve after completing their studies and will be able to secure a higher future income in a professional field, reducing the risk to the lender.
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The client had thought that they would have to rent for the 3 year duration of their PHD but are now settling in to their new family home. This demonstrates the power and reach of using a whole-of-market broker which has the extensive knowledge and experience to reach out to lenders who are willing to work with clients with non-standard incomes and arrangements.
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