Cleerly, a mortgage advice and broker business, is helping borrowers with mixed incomes get approved by lenders by presenting the full picture of their affordability. The company, founded by Sat Singh, focuses on complex income as its core specialism.
Addressing the changing world of work
Singh said that the way people earn money has changed but the way many mortgage applications are assessed has not. More people work flexibly as contractors, run their own businesses or have different income sources, and one salary with the traditional PAYE model does not reflect the reality of many households.
Singh, who set up the company six years ago, noted that earnings from dividends, retained company profits, day rates or restricted stock units can be difficult for automated systems to assess. Cleerly can advocate on a borrower's behalf or interrogate credit score markers, he said.
Technology-enabled service
The business was established to combine the expertise of specialist advisers with a more efficient digital experience, a need that has increased post-pandemic and amid wider economic volatility. Cleerly has also developed national referral relationships with accountants, professional networks and legal firms.
Singh said technology allows the company to look at someone's full income picture and identify appropriate lenders. Digital pre-qualification workflows can assess factors such as contract length, retained profit and trading history.
Specialist lending areas
Fees start from £495, and Cleerly's strongest area is helping limited company directors present their true earning power, not just their salary and dividends. Some lenders can take account of operating profit after corporation tax alongside salary, and in some circumstances may assess borrowing capacity using a contractor's day rate and annualised contract value.
A £3 million turnover is forecast for 2027/28, with 25 per cent annual growth. Around £600,000 from Singh and a group of private backers has been invested in the business's digital journey. The company now employs 18 people, developing expertise in areas from small business owners and contractors to umbrella payroll providers, seafarers and professionals' equity stakes.
Future plans
Demand is increasing for protection advice, and Cleerly's clientele now includes creatives, solicitors, traders and entrepreneur founders. The company plans to extend its specialist offering in second charge and later life lending next year, along with commercial property finance to SMEs.
Singh cited the example of a pharmacist working as a locum who found herself in financial difficulties and desperate to remortgage. She was on a standard variable rate and facing wipe-out, he said, and Cleerly stopped it all unravelling.
