October was a busy month for new enquiries and applications. All of the following mortgage offers were successfully received from mainstream lenders at prime rates, could we help you?
First Time Buyer – finished University in July and started a first job at the end of September. On receipt of the first full month’s wage slip, we secured the mortgage with only a 10% deposit as required by the client.
Poor Credit – one applicant had a clean credit file but their partner had a large County Court Judgement (CCJ). The enquiry was submitted in the sole name of the clean credit borrower with the partner as a named person living in the property.
Interest Only in Retirement – an elderly lady with pensionable income only held an interest only mortgage and was under pressure from her existing lender to repay the loan. We placed the application with a lender who would take the borrowing up to age 85 with the lady’s family added to the application so that affordability could be achieved.
1 Year’s Self Employed – a couple who had established a business in early 2015 needed help to raise money against their home to repay a family loan. The application was secured with just 1 year’s self employed accounts.
Speed Needed! – a client wished to purchase a repossession and needed the funds within 28 days. He suggested utilising bridging finance but we were able to suggest placing the application with a lender that we knew had the service to match a bridging provider. As a consequence he saved significantly on both interest rate and fees.
Family Purchase – a couple who rent a property from the parents of Miss, looking to buy the property at a discounted price, with the deposit being gifted to them meaning 100% of the discounted price being needed on mortgage. Mortgage offer successfully obtained which even allows parents of Miss to take a second charge to give protection in the event of a relationship breakdown.
Multiple Properties already Owned – clients looking to buy a new house jointly, each of them already owned other properties and needed to raise deposit monies by way of let to buy and buy to let remortgages. Three mortgage offers co-ordinated quickly to allow a smooth purchase.
Student Purchase – client wanting to buy a property in Manchester for his daughter to live in whilst at University, daughter has no income, but buying in parents name would incur an initial stamp duty surcharge together with possible ongoing tax disadvantages. Solution – a guarantor mortgage based on Dads income but meaning that the property is in his daughter’s name. Stamp duty saving of £4800 achieved and the daughter used her Help to Buy ISA to receive a bonus from the Government!
This is a snapshot of the enquiries that we have received with positive outcomes for our clients. We offer local, face to face, independent mortgage advice and can advise on the best solutions for you.
Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at email@example.com or firstname.lastname@example.org or call 0191 223 3514.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.