Type of Lending
A contractor on a Tier 2/skilled worker visa was looking for a first-time buyer mortgage at 95% LTV to maximise affordability.
The Borrower
- The borrower is a 35-year-old IT contractor
- He’s been living in the UK for two years on a Tier 2 visa
- He completed a 12-month contract two months ago and secured a new contract due to start within the next month.
The Challenge
- The borrower found his dream home but needed a lender that understood the realities of contract work
- He needed a lender that would accept a break between contracts and consider his future earning potential
- He also needed up to 95% LTV as a Tier 2 visa holder.
The Solution
- We assessed the case based on the strength of the borrower's affordability and future contract income
- We were able to accept the two-month gap between contracts, as we consider breaks of up to three months
- The new contract provided evidence of ongoing work, giving us confidence in the borrower's income
- We were also able to support a customer on a Tier 2 visa, helping him take his first step onto the UK property ladder.
The Outcome
- 95% LTV approved
- Contractor with a break in contract accepted
- Tier 2 visa holder with two years’ UK residency supported
- Flexible contractor criteria helped the borrower secure his first home in the UK.
Why Hodge?
This case highlights how Hodge supports borrowers in achieving their ambition of owning a home through flexible criteria and practical, common-sense lending.
The Hodge Resi mortgage is designed to help first-time buyers take the first step, and make their dream, a reality.
