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First Time Buyer – Recently Self Employed

Rakesh & Miranda have been renting privately for the past three years and with their landlord increasing the rent, they were getting increasingly frustrated; they were in effect paying off their landlords’ mortgage.

They wanted a place to call their own so, they approached their bank with whom they have banked with since leaving school, in the hope that their existing relationship with the bank would make getting a mortgage easier.

Unfortunately, their bank was unable to help because Rakesh only had one year’s trading history available as he had recently become self-employed after being in an employed role for several years prior. Miranda’s income from her teaching assistant role was not an issue however, this income was insufficient on its own to get the mortgage amount that they required.

Rakesh & Miranda had given up hope of purchasing and had resigned themselves to renting for at least another year, at which point Rakesh would have two years trading figures

This is when, Miranda’s friend introduced them to our team at Key Life Financial Services.

Having met with the couple to understand their needs and finances, we identified that Rakesh was a CIS contractor (Construction Industry Scheme), which subsequently removed the need for finalised accounts. This meant that they could potentially purchase now and would not have to wait another year. Using the CIS income, we obtained a mortgage of £330,000 with a high street lender; we had also sourced a lending option for one year accounts, but the lending amount was lower at £278,000 and hence the CIS route was favourable for the customer.

Income types can vary and we specialise in finding solutions for people with unique/ complex situations.

Having helped Rakesh & Miranda buy their first home when their bank could not help is just one example of how we can help realise your dream of owning your own home or finding a lending solution when your bank or building society declines.

We help first-time buyers get on the property ladder and can safeguard you and your ability to repay the mortgage should life take a turn for the worse by offering the appropriate protection products as well.  

Please note: The case study is based on a real-life scenario, but names have been changed due to client confidentiality.


Published September 2023.

It is important to take professional advice before making any decision relating to your personal finances. Information within this case study is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for information purposes only.

First Time Buyer – Recently Self Employed

Harish Hirani

Harish Hirani

With over 20 years of experience in financial services, Harish is a successful lending and insurance specialist. He commands a solid team of insurance advisors in mortgage lending, commercial lending, health insurance, life insurance etc catering to individuals, families, and business owners with several assets

Date: Sep 15 2023
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