I had a couple call me late last year – they were very stressed. One of their parents had bought them a house without asking, without getting finance, without doing anything and he had exchanged unconditionally on the contract. She had only started her business three months before the start of the new financial year. Luckily she had been in the same industry with her own business 4 year prior to that. He had was self employed and earning lots of cash so he had written down his income as much as possible. They got to this stage where they went to the bank and then waited three weeks for the bank to do absolutely nothing. The bank had not even put in the application even though they had told the clients they had. They never signed an application form and there was no hits on their credit file.
Once I took over the situation I gathered as much information as I could. I realised that they were not going to be able to get this loan approved without the parent. I went and spoke to them and they were happy to help. We gave the parents the smaller percentage ownership so the applicants can buy them out in a few years time once their income has increased.
These clients are no long stressed! The loan has been approved and it is due to settle soon.