The Challenge
Mr and Mrs X came to Goldmanread having found the house of their dreams. The property had the potential to become their forever home, but it required extensive renovation. They were more than willing to take on the work, but it was costly, and they didn’t want to place themselves under too much financial pressure. Instead, they wanted to borrow more and retain as much equity as possible from the sale of their current home.
However, finding a mortgage was going to be far from straightforward for several reasons.
Mr X, the primary income earner, had just started a new job, which can make lenders cautious. Most prefer to see a stable employment history and consistent income to ensure the borrower can afford the repayments. That was challenge number one.
Challenge number two was that the couple had several financial commitments which they didn’t want to lose or rearrange. To complicate things further, challenge three was that not all mortgage providers will finance properties that need significant renovation. Most lenders prefer turnkey homes that are immediately habitable because they pose a lower risk – there’s no uncertainty about renovation costs, delays, or potential structural issues that could impact the property’s value and the borrower’s ability to repay the mortgage.
The Solution
Recognising these hurdles, Mr and Mrs X turned to Goldmanread. They needed to find a high loan to value (LTV) mortgage product from a flexible lender: one that was willing to recognise their future earnings, be lenient about their other financial commitments, and comfortable about the condition of the property.
We don’t shy away from clients with complex requirements, and we excel at finding solutions. With access to a wide range of high-street and specialist lenders, we knew exactly which lenders would take a more flexible approach to assessing Mr & Mrs X’s circumstances.
After taking the time to fully understand Mr. and Mrs. X’s needs, we found an appropriate lender who was willing to base its affordability assessment on the couple’s projected future earnings rather than on Mr. X’s previous salary. This significantly improved their borrowing potential.
The lender was also comfortable with most of the couple’s existing financial commitments, and it didn’t impact the borrowing multiple.
Crucially, the lender was comfortable financing the property, even though it needed substantial work. By presenting the case effectively, we demonstrated the home’s future value, reassuring the lender of its long-term resale potential.
The Outcome
Using our expertise, industry contacts and proactive approach, we secured a competitive mortgage for Mr and Mrs X. They were able to buy the home they had set their hearts on and fund the renovations without undue financial pressure.
Our knowledge and hands-on service saved them valuable time and effort instead of struggling to find a lender on their own. Also, we acted quickly—helping them secure the property before a cash buyer or developer swooped in.
This case highlights how, with the right guidance and access to a broad network of lenders, even the most complex mortgage requirements can be met. At Goldmanread, we pride ourselves on our tailored and proactive approach and were delighted to help Mr and Mrs X fulfil their dream.
If you’re in a similar situation, reach out to us to see how we can help you secure your dream home.
