Case study 4
Key facts:
Planning agreed for a self-build 5-bedroom house
Plot owned outright by the client
Loan required £535,000
Gross development value £1,250,000
Client was self-employed and showing a low income on their tax returns
ICF construction
Finance was required for a self build project where the client’s income profile made mainstream lending unsuitable.
The broker became involved after the client had been advised by a non-specialist broker that lending would be limited to £100,000 due to insufficient personal income, as evidenced by the tax returns.
The client was a director of a limited company and owned two businesses. Both companies were showing healthy profits year on year, with the exception of 2020 due to the pandemic.
Using our relationships with specialist self-build lenders, we supported the broker in placing the case with a lender willing to assess affordability using the net profit from both companies rather than the client’s personal income.
A self-build product was secured at a rate of 3.99%, with no exit fees post-build.
Why do brokers want to work with Mayflower?
Mayflower was founded after our directors, Mike and Lulu, completed their own construction project. They saw firsthand how complex and unclear specialist finance can be, even with their industry knowledge.
Today, we are a specialised team focused on finance for self-build projects, renovations, and conversions. Many of our team members are self-builders, so we understand the pressures involved in decision-making. We take the time to thoroughly understand each project, communicate clearly about what is achievable, and support brokers and their clients through a professional financing process.s involved. We take the time to understand each project thoroughly, communicate clearly about what’s achievable, and support brokers and their clients through a professional finance process.
