Miss X came to One 77 Mortgages with a complex mortgage enquiry, the client had been let down by a previous broker who confirmed the maximum lending was under the amount required to purchase the property in question. Many brokers will only approach a limited panel of lenders and therefore find it difficult to place cases that don’t fit with the high street banks or building societies. It was important to the client that she was able to buy the house that was for sale next door to her parents, so she was able to care for them as they are elderly and need full time care. We therefore wanted to ensure we maximised the opportunity of achieving the mortgage amount required. Following a 30 minute fact find with One 77 Mortgages Adviser ‘Callum Lipscombe’, he established the following: Miss X had a basic income of £26,447 plus some allowances and needed to borrow £184,450 which meant the client needed 5.06 times income as a first-time buyer with a gifted deposit. As a standard case this would not fit within many lenders standard policy due to exceeding 5.00 times income, most brokers would have stopped there but following the fact find Callum set out to find a solution meeting the client needs.
The result, after 2 hours Callum had come back with a solution to meet the client’s requirements by using a more specialist lender with a bespoke affordability model which matched her needs exactly. This lender, due to the client having very little commitments and a high disposable income, could lend at a higher level.
Following the solution, the client was keen to proceed and due to our case management service where all clients are assigned their own case manager, within 2 weeks of application, our client had both her mortgage offer and a suitably protected mortgage.
At One 77 Mortgages we pride ourselves on finding a suitable solution for our clients whether a straightforward or complex enquiry. Please contact us on 01225 667177 to discuss your mortgage enquiry now.