The Scenario
A professional footballer in the EFL Championship had just signed a new contract after moving clubs and wanted to buy his first home in London. He was only a few days into his new contract and didn’t yet have payslips from the new club.
The property was worth £880,000, and he needed a mortgage quickly to avoid missing out. He was looking for a product with a short-term fix, ideally 5 years, and one that would allow him to make overpayments of up to 20% per year, rather than the usual 10%, so he could reduce the balance faster.
The Challenges
Although his income was strong, a few factors made the case more complex:
- He had just started a brand-new contract
- He hadn’t received any payslips from the new club yet
- It was his first time buying a property wanting a very short term
- He was working to a tight deadline and didn’t want to wait
This made it essential to find a lender who could work with contract-based income and offer a quick turnaround.
What We Did
We approached lenders who are flexible with professional sports clients and comfortable working with new contracts. After sharing the details of his new deal and showing that the income was sustainable, we found a lender that was happy to assess the case based on the contract alone, without needing to wait for payslips in a few weeks time.
Find out Your Options
The Solution
NatWest were happy to proceed based on the new contract. They confirmed the deal was affordable, and they also met the client’s preference for overpayment flexibility, allowing up to 20% overpayments per year.
Mortgage Details:
- Loan: £650,000
- Term: 5 years (repayment mortgage)
- Overpayments: Up to 20% per year allowed
The mortgage was fixed for 5 years, giving the client stability during the term of his current contract and the freedom to reduce the loan balance more quickly if he chose to.
Why It Worked
This option provided:
- A competitive fixed rate for 5 years
- Flexibility to make overpayments up to 20% annually
- Quick lender approval using the contract alone
- No delays waiting for payslips or income to build up
The Result
The client was able to buy the home he wanted without delay. With the ability to make higher overpayments and a fixed rate aligned to his career contract, he’s now in a strong position to pay off the mortgage within five years so by the end of his contract, he will own his new home mortgage-free.
Looking for Something Similar?
If you’ve recently signed a new contract, whether in sport, media, or any other industry and need a mortgage, we would love to help.
Get in touch to find out how we can help you move forward.
