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October 1, 2018

An understanding approach

A year ago Andrew and Janet Sweet felt that they should get on the property ladder, so that when they retire they would have a property they could live in. The problem was that they couldn’t get a mortgage, because of their occupation, and the way they received their income.

Andrew and Janet are Bible translators with Wycliffe, and their income from supporting churches fluctuates. They even looked at shared ownership properties, but realised that this could be an expensive option over the longer term.

Introduced to Kingdom Bank

After their disappointment, three different people at Wycliffe Bible Translators suggested that they should talk to Kingdom Bank. What a difference!

First, Kingdom Bank were prepared to offer a mortgage on a property in a cheaper part of the country than where they lived. They could then run the property as a ‘buy to let’ property, with the income helping to cover the costs, and in due course they would be able to live in the property themselves.

Second, Kingdom Bank were prepared to take into account all their income, including a private loan they had been offered. Importantly they were understanding about fluctuations in income, and focused more on affordability. This was very relevant, as Andrew and his wife have only recently returned from Kenya, where their income needs were lower than in England.

The outcome

Andrew and Janet have been able to buy a property in south Cumbria, near to Janet’s mother. It was an area they knew well. They can also continue to live in High Wycombe, near to their place of work. It is allowing them to follow their aim of working with Wycliffe for as long as God wants them there, without worrying about the practical details of their future. As Andrew said, ‘it is a solution that we are very comfortable with.’

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