When common sense makes the difference

Less than 24 hours later, the mortgage was agreed in principle.

Not everybody’s employment situation fits neatly into a lender's definition of employed or self-employed.

One broker came to Skipton with a client who worked as an engineer on a pioneering sustainable fertiliser project backed by several leading organisations.

As part of his role, he had been given a 33% shareholding in the business.

For many lenders, that was enough to classify him as self-employed or a company director. Because the business was still in its research and development phase, there were no company profits to assess. Despite receiving a regular salary and working for a well-funded business, the application kept hitting the same obstacle.

After approaching several lenders, the broker thought they had run out of options.

That is, until Skipton Building Society

The client had eight years of continuous PAYE employment, a strong employment history and worked for a business with significant long-term investment behind it. Taking those circumstances into account, we concluded that he was more appropriately assessed as employed.

The result was a mortgage offer and a delighted client.

The broker summed it up perfectly:

“Rather than defaulting to a self-employed assessment, Skipton recognised the employed structure for what it was and applied genuine common sense to find a workable solution.”

They added:

“A huge thank you to my BDM Paul Holt and everyone at Skipton who played a part in getting this over the line.”

Every application tells a different story. Taking the time to understand that story can make all the difference.

If you’ve got a client whose circumstances don’t fit neatly into standard criteria, speak to your Skipton BDM. We’ll look at the full picture and see what’s possible.

Subject to eligibility and lending criteria.