Supporting self-employed customers with complex income streams

Who did we help?

Dr Kinsella is a GP who works with the NHS but is also a self-employed private practitioner owning a small practice.

He was selling his existing home following divorce, with most of the equity from the property going to his ex-wife. He continues to pay maintenance to his ex-wife for his four children but the amount will reduce gradually as the children get older.

What did he need?

Dr Kinsella was looking to purchase a new home worth £500,000 and had savings of £100,000 which he was able to use as a deposit.

Why was he facing challenges?

His broker struggled to find a lender who could help him get a mortgage due to his complex income which was made up of NHS salary allowances, ‘on-call’ payments of varying amounts and an income from his private practice - he doesn’t take dividends.

How did we help?

We manually assessed his affordability and accepted both parts of his income with his tax returns and payslips, acknowledging that he had the capacity to earn additional income from his private practice.

He also had minimal credit commitments, had saved the required deposit and will receive a good pension from the NHS. This, together with the court order which confirmed his maintenance to his ex-wife would reduce gradually over the next 10 years, was sufficient enough for us to make a mortgage offer.

Could our flexible approach to lending help one of your self-employed clients? Give our Furness for Intermediaries team a call on 0800 988 1561 or contact your Business Development Manager.

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