Case Study: Diving into mortgages

diving-689825_640In this case study the Promise Money mortgages team were tasked to help a married couple who wished to purchase a residential property in the UK.

The first applicant was a deep sea diver who worked on a contract basis for a company in Qatar. He was employed by his wife’s company and sub contracted out. The invoices for his services were raised in Qatar and paid in US dollars however the diver was paid in sterling and was tax exempt.  The applicants owned property overseas and were looking to buy a UK house with a deposit gifted from a parent.

The Problems

There were a number of issues which made it a particularly complex case to place.  The unusual job & income, an applicant being employed by his wife’s company, invoices in dollars but salary in sterling – not exactly a High St deal.

As the applicant was tax exempt there was no proof of UK tax being paid and just for good measure they rented in the UK so there was no mortgage history for a lender to go on.

The Solution

We took the time necessary to explain the unusual nature of the case to our lender and backed it up with confirmation from HMRC of the tax exempt, lawful income. We obtained a rent reference from the UK landlord to support their creditworthiness & the lender accepted the gifted deposit as applicants were also contributing from their own savings. It took time and effort but the end result was a happy customer, happy broker and happy Promise mortgage team.