Specialist lender provides £450,000 mortgage despite other lenders' concerns over complex income
Showcasing its ability to provide flexible lending for complex incomes, specialist lender Kent Reliance for Intermediaries (KRFI) recently provided funding in a residential mortgage case for a professional footballer, who was turned down by other lenders.
Despite the athlete’s substantial liquid savings of £700,000, traditional lenders hesitated due to concerns over the sustainability of the borrower’s income, their age relative to the mortgage term, and the property’s condition. The customer, looking for a maximum 25-year mortgage, has been with his current club for three years, but his current contract was due to expire in only 18 months.
KRFI – part of OSB Group – offered a 23-year interest-only mortgage at 85% loan-to-value (LTV), significantly higher than the 50% to 65% LTV cap proposed by other lenders. The deal was accepted and completed through Joshua Lee of The UK Adviser for £450,000.
KRFI said the approval process highlighted the importance of direct communication, following discussions with the football club’s HR director, who confirmed the player would be offered a coaching position post-retirement.
“A case such as this really does show that by digging that little bit deeper, we’re often able to find the details that can make the difference between a case being accepted or being rejected,” said Adrian Moloney (pictured), group intermediary director at Kent Reliance for Intermediaries. “Alongside this, having our in-house underwriting team part of the journey from the outset, could save time and help iron out any potential challenges that could arise.”
In the UK, the rise in self-employment, now encompassing over 4.3 million individuals according to recent data, has led to an increase in complex income situations. Specialist lenders like KRFI, with their business development managers (BDMs), play a crucial role in addressing these challenges.
“The challenges in this case meant many lenders closed the door without a second glance with the exception of Kent Reliance for Intermediaries,” Lee said. “Their conversational approach means they looked beyond what was in front of them and explored opportunities that would support an application. Working with BDM Gareth Haywood on this gave great insight into what can be done when looking outside of the box and how their teams work together to get cases to completion.”
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