London purchase for self-employed global makeup artist

What was the situation?

I recently helped a client who was looking to purchase his first home in London. My client was a leading expert in his field as the head of the beauty division in a top-tier luxury fashion house. He was self-employed and ran his contracted income through a limited company of which he was the sole director.

What was the issue?

Having recently signed an extremely lucrative contract with a major global fashion house, my client’s income was set to increase exponentially. However, at the time of the purchase, he had limited accounts that demonstrated this level of elevated earning. Furthermore, my client’s field was deemed to have taken a hit in the wake of the pandemic as his role required him to travel extensively as well as work within close physical proximity to his clients.

Due to the global nature of his work, my client naturally had a complex income stream; he was paid through a limited company in a combination of Euro, Sterling, and Dollar currencies.

What was the process?

Given the borrowing was only achievable using his operating profit figures on his very recently produced accounts, I needed to find a lender who could understand that both my client’s position as a leading expert in the field would be ongoing and that his income would be maintained and grow accordingly. The lender would also need to take a view that whilst many in his field had been stung by the pandemic, his work was diversified enough to sustain the course and affordability would not be an issue moving forward.

What was the solution?

Prior to submission, I worked hard to address all the complexities of my client’s case and took a holistic view of his situation in order to satisfy the concerns of any potential lenders.

I managed to source a lender that could understand my client’s position and was able to work off the income declared on his contract going forward. As such, I was able to secure 80% loan to value (LTV) at a brilliant two-year fixed rate of 1.44% on the high-value property for my client.

Lending solutions with LDN Finance

Are you a self-employed individual looking to purchase your first London property? At LDN Finance, we are dedicated to making the market more transparent for our clientele. Our expert brokers do the hard work for you, navigating eligibility criteria, years’ accounts, rates, and products to ensure you have choice and control through every step of the process. Get in touch with us today to organise an initial consultation.