CIS worker with a mix of contracts and with low net profit

    CIS worker with a mix of contracts and with low net profit

    Your enquiry
    Couple of home-movers, looking to buy new build, using help to buy 20% equity loan, with around 15% to put in from equity, so a 65% LTV mortgage

    Your background
    One applicant was a housewife with no income, and the other applicant was working, and he was a self-employed joiner, with some of his work being as a CIS sub-contractor with 2 separate contracts over the past year, along with some standard invoiced joinery work as well, which ruled out most lenders when it came to using his gross CIS income for affordability, and with a low net profit for the last 2 years, this meant affordability was too short to meet the new mortgage requirements.

    Your solution
    Explained the situation to multiple lenders, detailing the full history of how his CIS work/self-employment was structured along with future contracts starting imminently, and one lender considered a bespoke approach to calculating how much of his income they would use (which was more than twice the amount any other lender would consider when using net profit only), meaning the property of their dreams was now affordable.