Case Studies

Mr & Mrs P are company directors and each own 50% of their company. They wanted to raise £50,000 for home improvements, but their existing mortgage lender said they did not meet their affordability criteria and refused to increase their existing £356,500 mortgage.

Mr & Mrs P approached Wizard Mortgages for help and by switching them to a different mortgage lender, that allowed them to use their company's net profit as part of their income, they were able to borrow the additional £50,000 they wanted for their home improvements (but could have borrowed as much as £652,150).

Mr & Mrs P were happy to pay a small early repayment charge to move from their lender to enable them to release the funds they needed.

December 2023

Mr C is a sole trader and wanted to move house. His income two years ago was £54,250 but his business has taken off and last year his income increased to £142,250.

Approaching his current mortgage lender Mr C was told he could borrow up to £344,500. Mr C approached Wizard Mortgages for help and we moved him to a new lender that would solely take his latest year’s income into consideration for affordability.

Doing this he was able to borrow up to £426,800.

October 2022