01 Dec low doc loans
Posted at 11:59h
in Our Blog
A self-employed client had unprecedented sales growth in a short period during COVID 19 and had built 20% deposit saving for a house.
Issues
- Most lenders require a consistent income over a two year period;
- Lenders cannot rely on short term income growth for serviceability.
Partnership Solutions (Aston Partners and Traverse Accountants)
- We worked with our Partner Accountancy Firm (Traverse Accountants) to assess and calculate the annualised turnover and prepare an interim financial report;
- The preparation of the interim financial report allowed the accountants to provide an Accountants Declaration confirming the net profit of the business;
Client Win
- Even without two-years of consistent financial records, the client was able to use the 20% deposit saved to purchase their dream home.