A question invariably asked is; ‘Why should I use a Mortgage Broker?’
We are often contacted by clients who have invariably either been let down by their traditional high street lender or have been offered an ‘off the shelf’ product that is not ideal or what they had hoped for.
One such case is when we were recently contacted by a client following a visit to our website. They had been let down by both a national mortgage brokerage, and a number of high street lenders – including their own bank.
Being a busy working individual they were surprised when we offered to call them over the weekend at the time of their choosing, having not been able to meet or speak to an adviser on their previous attempts. However, as we are open 7 days a week this was not a problem. We called the client as arranged on the Sunday afternoon.
Following a ‘fact find’ with the client we discovered that they had been told that the maximum lending amount available to them was actually less than the amount required to purchase the property they had their heart set on. Over the years 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 a house to the same street as his parents – they were both elderly and required a degree of care and assistance in day to day life, which he wished to provide. Therefore it was imperative that she was able to secure this property, as the street was inhabited by long term residents and therefore did not have a particularly regular property turnover. Having discovered this we endeavoured to secure the maximum amount of borrowing available to her.
We established that the client had a basic income of £27,500 plus some allowances. They were looking to borrow £185,500 – which meant they needed to borrow 5 times their income. As they were a first time buyer with a gifted deposit, they struggled to make this fit with many lenders’ standard policies as they were in excess of the 5 times income amount. It was continually at this point that he had been let down on his previous efforts as they confirmed that he would be unable to proceed on this basis.
At One 77 a qualified mortgage broker will explore every avenue available to find a solution for our clients. As we have access to the majority of the mortgage market we were able to find a solution and 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 such as credit cards or HP agreements, 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 a mortgage broker today 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.