With just a few hours to secure our clients' mortgage before their rates were pulled, we were up against it to get their case submitted.
The Client
A husband and wife purchasing their dream home. He was a landlord and experienced self-employed contractor; she also worked full-time.
The Property
A spacious four-bedroom detached property located in a quaint, rural town in the North of England.
The Finance
Our clients were seeking finance to purchase their dream home.
The Challenge
Three main complexities with this case caused some challenges when securing mortgage finance.
Firstly, as a contractor, our client didn’t receive a day rate, and was paid via an umbrella company. As such, when he took a week off work prior to submitting the mortgage application, lenders were concerned about his lack of income.
Secondly, our clients were seeking a speedy application process. With cash buyers for their property, and the onward purchase price negotiated down dependent on a quick turnaround, our clients hoped to avoid any delays when securing the loan.
Finally, once we had successfully secured a Decision in Principle (DIP) for the rate our clients were seeking, the lender announced it was pulling the product that evening. What’s more, the lender’s online application portal was closed, meaning we had no way of submitting the application on time.
The Solution
Our experience within the mortgage market means we have developed long-lasting relationships with some of the key lenders across all markets. As such, we spoke with the lender in the morning, and they were happy to honour the original interest rate subject to the application being submitted promptly.
Furthermore, our understanding of the lenders in the market meant we had approached one we knew would be happy to lend based on our client’s employment and income status.
Based on our expertise in collating all the necessary documentation at once and having chosen the right lender for this application, our client received an offer just two and a half hours after we submitted the case.
Property Details
Property market value: £680,000
Loan amount: £500,000
LTV: 77%
Rate: 4.36% five-year fixed
Term: 30 years, capital and interest repayment
Mortgage payment: £2502.05 per calendar month
Lender arrangement fee: £1,995
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