Private Label provides Rockstar mortgage for self-employed doctor

25 July 2024

Private Label has arranged a Rockstar mortgage for a self-employed doctor within two weeks of launching its innovative range of products designed for individuals who are talented, stand out, and defy conventional norms.

In this particular case, the applicant wanted to borrow £724k on a property valued at £2m to pay off the current mortgage and raise an additional £100k to finance home improvements as well as some debt consolidation.

The applicant is a self-employed doctor whose profits have declined in the last year because his previous two years had included COVID overtime and more hours, which caused an issue with some lenders.

In addition, the property was Grade 2 listed with 12 acres of land. Next to the client’s house he owns two holiday lets on a separate title, which are not currently rented. These two background mortgages, and the associated affordability considerations, were reason why mainstream lenders we unable to help this successful entrepreneur, even though he only wanted to borrow 36% LTV.

The Rockstar Range, which was launched at the start of July, features interest-only lending up to 90% LTV, including into retirement, and flexibility regarding self-employment and complex income, with criteria that accepts professional individuals with less than 12 months’ trading history and other scenarios that frequently apply to affluent professional borrowers. The range will also consider foreign nationals with less than 12 months in the UK and will accommodate large loans exceeding £5m.

Private Label provides tailored solutions and customised pricing based on individual risk assessments, with a client-centric approach offering personalised mortgage solutions through in-depth understanding of each client. The brand has an exclusive panel of strategic partnerships with lenders that will prioritise Private Label applications for loans of £500,000 or more. Brokers can access the Rockstar Range by contacting Brightstar Financial, who have a dedicated Private Label team.

Paul Brett, Project Lead at Private Finance, says: “We’re pleased to get this first case through the door, and it’s a great case to demonstrate exactly why the market needs a lending platform like Private Label. This highly accomplished self-employed doctor and entrepreneur sought to secure a low LTV loan for home improvements and financial restructuring. Despite his stellar track record and substantial assets, the complexity of his financial situation made obtaining the necessary loan challenging. Our bespoke approach enabled us to assist this exceptional individual, who distinguished himself from typical profiles and didn’t conform to standard lending criteria.”