The Ask
Our broker approached us with an application from a sole applicant looking to refinance her existing mortgage and raise a further £22,000 towards her upcoming wedding.
The client had inherited the property in September 2024 and had recently taken out a mortgage to purchase equipment for a new photography business, which she was running alongside her full-time job.
The Challenge
At the point of application, the client had held her mortgage for just four months.
The client was also looking to raise more money shortly after borrowing to set up her photography business. We needed to be sure the new venture wasn’t putting pressure on her employed income or making the new monthly payment difficult to manage.
With a short mortgage history and a newly established side business to consider, we needed to look beyond the limited information available and understand the borrower’s wider circumstances.
The Fix
Our Core 1 product is available to borrowers with between three and six months’ mortgage experience, allowing us to consider the application despite the short history.
A payment profile confirmed that all four mortgage payments had been made on time, while the client’s wider credit commitments were also being maintained. As our loan would repay the existing mortgage, the new monthly repayment represented only a modest increase. Combined with strong affordability, this gave us confidence that the borrowing remained sustainable.
We also reviewed how the photography business fitted around the borrower’s full-time role as a bus driver. She worked shifts and had three days off each week, giving her sufficient time to run the business without affecting her primary employment. This was supported by payslip evidence and provided further reassurance around the stability of her income.
We provided a £60,000 remortgage on our Core 1 product at a rate of 9.70%, completing the case just four working days after submission.
The Benefit
Our loan enabled the borrower to repay her existing mortgage and raise the additional £22,000 needed for her big day.
By considering her mortgage conduct, affordability and working arrangements together, we were able to support a borrower with only four months’ mortgage history while maintaining responsible underwriting standards.
The application completed in four working days, giving the borrower certainty over her finances and allowing her to move forward with her plans.
If your client has a limited mortgage history or circumstances that need a closer look, get in touch with the Masthaven Finance team today – we’re ready when you are.