Case Studies

First time buyer short on income – Wigan Lancashire

Our client was renting at the time of approaching us for a mortgage and desperate to exit what was described as hell hole and buy her own property. Deposit was a combination of her own savings and a parental gift, so far so good. The biggest problem our client faced was that her own income was insufficient to obtain the level of borrowing she required.

We solved this problem by obtaining a mortgage with her Father and therefore we could use his income also. A secondary problem was that with most lenders her father was at an age where the term would have to be limited to 12 years making the mortgage too expensive. We alleviated this problem by using a lender that also permitted the term to run until age 75 and thus making the monthly payment affordable.

Mortgage advice on downsizing due to retirement – High Wycombe, Buckinghamshire

We were approached by existing clients who were looking to downsize as they were heading in to retirement. The problem that we were faced with is that their current level of income was insufficient to cover the required mortgage. Our clients had found a property and were desperate not to lose it. On the plus side they had a number of assets to sell meaning that the required mortgage was only needed short term. Nevertheless, due to the new rules on affordability combined with the drop in income and the client’s ages meant no lender could approve the mortgage. So how did we solve the problem?

We gained approval for a bridging loan to buy the property from Aldermore Bank which could be repaid by the money coming from the sale of the client’s assets. This did in fact still leave a shortfall but at a level that could be obtained by normal lending means. We therefore also arranged this mortgage as part of the exit strategy. Our clients are now enjoying their retirement in their new home.

Buy to let mortgage – London

This client was recommended to use our services by an existing client. She  was looking to buy another investment property in London and therefore required a buy to let mortgage. The client had unfortunately been made redundant and therefore did not have any qualifying income to meet the minimum requirement as set out by the majority of buy to let lenders.

We come across this quite regularly. On this occasion we secured a mortgage with The Mortgage Works (subsidiary of Nationwide) as due to the client having experience in letting property they were happy to approve a mortgage for these circumstances. We now have two happy clients as the client who recommended our services received £100 in vouchers for doing so.

Mortgage for a first house – Preston, Lancashire

This enquiry appeared to be a pretty straight forward first time buyer mortgage for a starter home in Preston, the client was the son and daughter-in-law of one of our long-standing clients. Things became difficult when we received the client’s payslips to find that a large proportion of their earnings was received by way of overtime. With many lenders not wanting to use overtime or at best 50% of it, the client was left with only a fraction of the required mortgage based upon today’s affordability calculators.

We therefore approached the few lenders who will take all of the overtime in to account. On this occasion it was NatWest that obliged in helping out. Son and daughter-in-law are settled in to their first home and the Dad says he’s happy to have peace and quiet in his house!!!!