How Heron Financial Arranged a Halifax Product Transfer for a Solicitor with Combined PAYE and Ltd Company Income

Heron Financial arranged a £214,000 product transfer with Halifax Intermediaries for a solo Solicitor combining a PAYE legal role with a 100%-owned Ltd company carrying seven years of trading accounts. The mortgage sat at approximately 54% LTV against a purpose-built flat with a 250-year lease, originally purchased through Help to Buy. The new product took effect in January 2025.

The client

The client was a Solicitor in a PAYE role with a 100%-owned Ltd company on the side, carrying seven years of trading history. They lived in a purpose-built flat with a 250-year lease, originally purchased through Help to Buy. With the existing fixed rate coming to an end, they came to Heron Financial for advice on the right next step rather than drift onto the lender’s standard variable rate.

The case at a glance

• Borrower: Solo applicant
• Occupations: Solicitor (PAYE) with a Self-Employed Ltd Company (100% shareholder, 7 years trading)
• Property type: Purpose-built flat
• Lease: 250 years
• Property value: Approximately £400,000
• Loan amount: £214,000
• LTV: Approximately 54%
• Lender: Halifax Intermediaries (existing lender)
• Action: Product transfer to a new fixed product
• New product start date: January 2025
• Repayment method: Capital and interest

Why this case mattered

Borrowers with blended PAYE and self-employed income occupy specific underwriting territory. Two questions shape every case in this category.
1. Which income streams will the lender use? Lender treatment varies. Some lenders use only the primary PAYE income and ignore the self-employed side. Some take the full PAYE income plus a percentage of the self-employed profit. Some treat the application as fully self-employed once the Ltd company is on the picture. The right placement depends on which lender’s policy fits the borrower’s specific income shape and produces the best affordability outcome.

2. How does the trading history weigh in? Self-employed income is typically assessed over two or three years of accounts. Seven years of trading, as in this case, gives a strong evidence base and demonstrates sustainability. For a Solicitor whose Ltd company likely runs alongside a stable PAYE role, the long trading history makes the income picture more comfortable for lenders to read.

For a product transfer with the existing lender (Halifax in this case), the affordability rules aren’t fully reassessed in the way they are on a remortgage to a different lender, which simplifies the process. But the comparison against a remortgage route still matters. The right call depends on whether Halifax’s product range produces the best outcome on rate and terms or whether a different lender would do better given the borrower’s blended income.

The 54% LTV positioning is also worth noting. The case sat comfortably inside the sub-60% LTV bracket where the cheapest mainstream rates live, which usually means more lender choice and sharper pricing across both PT and remortgage routes.

How Heron Financial approached the recommendation

The Heron adviser reviewed the client’s current mortgage position with Halifax, assessed the blended PAYE plus Ltd company income picture across the seven years of trading history, and considered the product market for both PT and remortgage routes. With Halifax’s product range producing the right outcome for the case at the time, a product transfer was recommended.

Heron Financial managed the PT process through Halifax Intermediaries, the broker channel of Halifax, securing the new product to take effect in January 2025.

The outcome

The new product took effect in January 2025. The client moved onto a new fixed rate without a gap, avoiding any drift onto Halifax’s standard variable rate.

What this means for buyers in a similar position

For professionals running a Ltd company alongside a PAYE role, the mortgage conversation is rarely about whether lending is available. It’s about which lender treats the combined income most favourably. Some practical points worth knowing.

Trading history matters more than borrowers expect. Two years of accounts is typically the minimum. Three years is more comfortable. Seven years, as in this case, gives lenders a settled view of the income.
The PAYE role is usually the foundation. When the PAYE income alone is strong enough to support the borrowing, the Ltd company side income becomes a useful add-on rather than the primary affordability lever. This often opens up more lender choice than a fully self-employed application would.

PT versus remortgage is worth comparing every time. For complex-income borrowers, the existing lender’s product range may or may not be the best deal. A broker can compare both routes and recommend the one that produces the right outcome.

For Solicitors and other regulated professionals, lender appetite is generally strong, particularly for borrowers with stable PAYE roles and clean credit profiles. The Ltd company side business is typically additive to the picture rather than a complication.