Bespoke High Value Mortgage for a Newly Promoted Professional Services Partner
The situation?
A newly promoted partner at a leading professional services firm was purchasing a home with their spouse for £1,600,000 and required £1,400,000 in lending. With strong interest from other buyers, the clients needed to confirm affordability quickly and demonstrate they were fully proceedable.
The primary applicant’s income had recently shifted from salaried employment to partner drawings and profit share, with a materially higher earnings level than their previous employed salary.
This is a common position for newly appointed partners, whether promoted internally or joining from another firm. First year partnership income does not always fit neatly within standard lending criteria, as traditional self-employed requirements do not reflect how partner remuneration is structured. A well positioned income presentation and alignment with a lender whose criteria suited professional services earnings were key to securing the right outcome.
The issue?
Our approach involved detailed preparation of documentation that clearly demonstrated the client’s true earning capacity and the stability of their income stream. We then utilised our strong relationships with major lenders to engage in detailed discussions about the case, ensuring they understood both the property’s potential and the client’s genuine ability to service the debt. Our experience with complex cases meant we could anticipate potential concerns and address them proactively.
We successfully secured a 60% loan-to-value (LTV) mortgage with a major high street lender, structured as a two-year fixed rate product on an interest-only basis. This solution was particularly beneficial as it minimised the client’s monthly payments during the initial period, providing him with maximum flexibility whilst they retained their current property. The interest-only structure also allowed them to take advantage of overpayment opportunities when the client’s share options vested, giving them control over their repayment strategy.
The client was delighted with the outcome, particularly appreciating that we had secured high street lending terms rather than pushing them towards more expensive specialist finance. This approach saved them a significant amount of money in both interest rates and arrangement fees, whilst the flexible structure meant they could proceed with confidence, knowing their monthly commitments remained manageable throughout the transition period.
The process?
Drawing on his experience of supporting clients with professional services income, Drew Somerston, Private Client Director, presented the case directly to senior underwriters, outlining the applicant’s income so it accurately reflected the structure of partnership remuneration. This included explaining the shift from salaried employment to drawings and profit share, detailing the expected earnings trajectory, and providing supporting documentation from the firm’s HR and finance teams.
Drew packaged the case clearly and engaged the right lender from the outset, securing same-day underwriting reassurance and enabling the clients to demonstrate they were fully proceedable and remain competitive.
The Solution?
A high street lender approved the full borrowing at 85% LTV on a market leading rate for this profile. The case moved quickly to full mortgage offer within one week, including valuation.
This outcome allowed the clients to secure their chosen property ahead of competing buyers and progress with confidence. Despite initial concerns about their recent transition to partnership and the absence of historic figures, the application was understood correctly and approved on highly competitive terms, enabling them to move forward without delay.
The case highlights the value of our experience with partnership remuneration and our ability to present income in a way that aligns with lender criteria. It reflects LDN’s broader expertise in supporting senior professionals whose earnings do not always align neatly with standard lending frameworks.