We were recently contacted by a client through our website after they had been let down by another national mortgage brokerage, and a number of high street lenders.
As the client worked all week they asked if a call could somehow be made at the weekend. As we are open 7 days a week this was not a problem. We called the client as arranged on the Sunday afternoon.
Through our discussions with the client we discovered that they had been told that the maximum lending amount available to them was under the amount required to purchase the property in question. Our experience has shown us that many brokers will only approach a limited number of lenders, and therefore can find it difficult to find mortgage products for people that do not fit the high street banks or building societies ‘criteria’.
The client was looking to buy the neighbouring house to the one inhabited by her parents – they were both elderly and required a degree of full time care and assistance in day to day life. Therefore it was imperative that she was able to secure this property. Due to the nature of the case we wanted to ensure that we could secure the maximum amount of borrowing available to her.
Following an information fact find with one of our Advisers, they established that the client had a basic income of £26,447 plus some allowances. They were looking to borrow £184,450 – which meant they needed to borrow 5.06 times their income. As they were a first time buyer with a gifted deposit, this would not fit with many lenders standard policies as they were in excess of the 5x income amount. It was at this point that she was let down by other brokers and banks as they confirmed that she would be unable to proceed on this basis.
At One 77 we will always explore every avenue available to find a solution for our clients, and by having access to the majority of the mortgage market we were able to respond to the client within 2 hours with a recommendation that met the client’s requirements and needs exactly by using a specialist lender with a bespoke affordability model.
Because the client had very few other financial commitments, and therefore a high level of disposable income the lender was able to provide a higher level of borrowing.
Following the recommendation call, the client was keen to proceed and due to our case management service where all clients are assigned their own case manager and adviser, within 2 weeks of application, our client had her mortgage offer and was in a position to proceed.
At One 77 Mortgages we pride ourselves on finding a suitable solution for all of our clients. Whether a straightforward or complex enquiry, there is normally always a way we can help. Please contact us on 01249 474952 to discuss your mortgage enquiry now, or complete the form below and we will be in touch at a time of your choosing.