Learn more about Ayaz’s story and how we helped him get onto the property ladder

Posted on:
October 18, 2021
Posted by:
Bluestone Mortgages

Like many self-employed people during lockdown, Ayaz had to temporarily close his barber shop in South East London, which affected the net profit of his business. However, with restrictions lifted and his clients returning to their jobs in the city, business has been flourishing and since April is now running at the same levels as pre-pandemic.

Ayaz is a first-time buyer and has been able to save up for a 5% deposit for a New Build property, however he is struggling to find a lender to meet his affordability requirements. His mortgage application for the property was rejected, as he was told he would need to demonstrate the same figures as last year to be successful. Pre-COVID, Ayaz’s income was £60,000 per annum, however this was reduced by £25,000, due to the Lockdowns and restrictions for retail establishments.

Luckily for Ayaz, he was introduced to a Mortgage Broker who specialises in helping self-employed customers and they recommended Bluestone Mortgages. At Bluestone Mortgages, we were able to accept last year’s figures, as his most recent 3 months business bank statements were in line with his 2019/2020 SA302’s.

Recently, Ayaz received his mortgage offer from Bluestone Mortgages and is currently in the process of completing on his new flat in Finchley.

Bluestone’s COVID-19 policy for self-employed:

  • Greater than 10% reduction in 2020/2021 business income, as a result of the pandemic
  • The most recent business bank statements (3 months) are in line with the applicant’s 2019/2020 SA302’s

If you have clients whose finances have been impacted by Covid-19 and you want to learn more about their options, give us a call on 0800 368 1833 to find out how you can prepare your business for a rise in specialist mortgage applications.

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Article tags:
case study
first-time buyer
new build
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