Self-Employed Holiday Let - Complex Income, Cotswolds Purchase
£581,750 · 65% LTV · 5.55% fixed 5yr. A self-employed Singapore-based consultant invoicing through a Singapore company, buying an £895,000 Cotswolds holiday cottage on projected let income.
The Client
British national, 47, self-employed consultant. Singapore-based, works for clients globally. Invoices through a Singapore-incorporated company.
The Challenge
On SGD 280,000 pa director's drawings with 3 years of Singapore company accounts available, the borrower wanted to purchase a 4-bedroom holiday cottage in the Cotswolds at £895,000, using it personally 6 weeks per year and letting commercially through a holiday let management agency. Being self-employed in a non-UK entity, non-resident, and buying a holiday let rather than a standard BTL created multiple layers of complexity in one application.
Our Solution
Doulton assessed the case as three separate income strands: the personal drawings, the holiday let projected income (confirmed by the management agency at £68,000 pa gross), and the underlying security quality (prime Cotswolds, high-value, strong secondary market). The specialist holiday let lender on the panel was comfortable with Singapore company accounts and accepted Singapore tax returns alongside the company accounts. The holiday let income assessment (at 65% occupancy) supported the ICR independently.
The Outcome
Holiday let mortgage at 65% LTV (£581,750). Rate 5.55% fixed 5 years. Income was assessed on projected holiday let income rather than personal earnings, avoiding the self-employed-in-a-foreign-entity complexity entirely by using the property income as the primary serviceability test. Key highlights: holiday let income used as the primary serviceability assessment; Singapore company accounts accepted alongside Singapore tax returns; non-standard employment structure resolved by income type switch; prime Cotswolds security supported the application independently.
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