Recently self-employed
The borrowers
Andrew and Mary are 53 & 51, and married with children at university for two more years. They have both recently changed from PAYE to partner status within the same role.
- They would like to take an interest only remortgage, with downsizing as the repayment vehicle
- They have a secure joint £200K income, but have both just moved to partner status
- It’s a large family home valued at £1.5M, on which they need an interest only mortgage of £750K.
How we can help
Foundation do not require a minimum time self-employed where a new Partner has a good track record of being employed by that company on a PAYE basis previously. ‘Sale of property’ is an acceptable repayment method for us, and we also calculate affordability on an interest-only basis for interest-only loans which can give your borrowers better borrowing power on their income when the remaining term of their mortgage is short.
We love to talk a case through, why not call your Foundation Regional Area Manager today?
