The Scenario
A newly signed Premier League footballer got in touch to buy his first home in The Midlands. He had recently moved from a football scholarship to a full professional contract and was seeing a big increase in income. The property he wanted to buy was worth £1,000,000, and he had a 15% deposit ready.
His goal was to pay off the mortgage within five years. To do that, he needed a short term mortgage that allowed unlimited overpayments and wouldn’t charge penalties for early repayment.
The Challenges
Even though he had a strong income, there were several issues that made getting a mortgage more difficult:
- He’d never had a mortgage or loan before
- He wasn’t on the electoral roll and moved addresses regularly having been at club provided accommodation in the past.
- His income had just changed from scholarship to full salary
- He wanted to overpay as much as he liked and be mortgage-free in five years (more likely 3.5 years with the overpayments).
This case study highlights how professional athletes and others with irregular or newly increased income can face challenges that standard lending systems don’t always accommodate.
Find out Your Options
Action taken
We spoke to lenders that consider less typical cases like this one. We explained the details of his new contract and provided proof that he had been earning through a scholarship before turning pro.
We also gave a full explanation for why he was not on the electoral roll and explained this was being fixed. We backed this up with evidence to help lenders feel more comfortable.
The Solution
Halifax agreed to offer a mortgage based on his new contract and income. They were happy with the overall picture, including the lack of previous credit.
Mortgage Details:
- Loan: £850,000
- Term: 5 years
- No limits on overpayments
Even though the official term was already just 5 years, the client can make as many overpayments as he wants, which suits his plan.
Why It Worked
The lender offered:
- A fair interest rate
- No restrictions on overpayments
- Flexibility that fit the client’s goals
- Acceptance of his new income and limited credit history
The Result
The client bought the home he loved with a 15% deposit. He’s now set up with a mortgage that gives him the flexibility to overpay and clear the full mortgage within five years, just as he planned.
Need Something Similar?
If your income is new or structured in a way most lenders don’t understand, or if you’ve had issues with your credit history, we can try our best to help you.
