We have had a run of busy adverse and complex mortgage cases, where clients had adverse and resigned themselves to having high interest rates, or didn’t think their income would work – thought i’d share the stories!
Clients A had several defaults, some unsatisfied and had unfortunately been affected by redundancy during COVID, so only just started a new job. They found a property and really wanted to move on it, so we put a plan together to wait 3 months after speaking to a lender to get a decision in principle in place for them. After the three months had gone past (so we had better chances of using the income), we reviewed the case and due to changes in policy a high street lender were able to offer a mortgage on much better terms. The result, the client saving around £450 PER MONTH!!
Clients B had recently started a LTD Company and only really had started to make money this financial year. The majority of lenders and previous brokers weren’t able to assist. We approached a smaller building society with the entire situation up front, along with supporting information. They pre-approved the income and following a formal application produced an offer for them to purchase their forever home.
The moral is that only a mortgage broker can take a holistic look at your situation and see the best route. We pride ourselves on not placing any case (even at Decision in Principle Stage) unless we are in receipt of ALL the information we would need for an application. That way, we can see where the potential pitfalls are, and present the best way forward. In the case of client A, that meant a saving of almost £12,000 over the intial period of their mortgage – all for a £495 fee.