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Securing a mortgage for a self-employed consultant – Lucinda, London

Meet Lucinda

Lucinda is a self-employed consultant with her own limited company, which she had been running for more than five years. She is single, with no dependants.

Why did Lucinda come to us?

Lucinda came to us as she was looking to buy her first property.

Because she lived a relatively low-cost lifestyle, Lucinda would withdraw minimal income from the business, preferring instead to maintain retained profits to keep her affairs tax efficient.

Her drawn income, in the form of salary plus dividends, was not enough to obtain the mortgage she needed.

What did we do to help?

We sourced a lender who could consider Lucinda’s retained profits (or her salary plus net profits) as her income for affordability purposes.

We worked with both the underwriter and her company accountant to fully explain the picture. This greatly increased the amount she was able to borrow.

The outcome

Lucinda was able to secure her first home; a great flat in her preferred area in London.