Repairing The Road To The Perfect Home - November 28, 2018

We were recently contacted by a client who was put in contact with us by a housing developer we partner with for qualification on their mortgage to buy a property. The client had worked with an alternative broker in the past and was intent on continuing to use their services for their new purchase.

We went through our standard process of completing a fact find and requesting documents, and in turn qualifying the client and issuing a recommendation to them. However, following our recommendation they stuck by their decision to continue to use their existing broker. Four days after their initial contact with us the client made the reservation at the development site they had been referred to us from.

Some eight weeks later it came to light that their broker had recommended a lender whose affordability criteria had changed between their initial recommendation and the application process. Their broker failed to re-run the calculation and ultimately sat on the case for the eight weeks prior trying to resolve the issue without communicating with the client, or the developer, as to the issues which had arisen. We estimated due to the timescales, and the fact the broker had initially gone to a high street lender, that the application was not submitted for the client until around 2-3 weeks after their initial reservation on the property.

Aware that things had hit a stumbling block with little scope for rectification from their broker, with what seemed like a deadlock situation, we took the case back a few days later. We made an updated recommendation which the client agreed with, and then submitted the application the same day.

Within two weeks the application was offered with the alternative lender we had originally sourced – securing the funding the client needed to proceed. Having been through something of a rollercoaster ride with the purchase, the client and developer were overjoyed with the service provided by One 77.

The case ended up being 52 days over the target exchange date, but thanks to our expert advisers unpicking the problems which arose we were able to move the client forward to completion where their other broker could not.

Moving quickly is the key to success with New Build properties. At One 77 we pride ourselves on our speed of service. We have access to the majority of the mortgage market and do our utmost to ensure that any issues which arise can be resolved by open, honest and clear communication with both client and developer at all times.