The power of an experienced broker

We talk at length about the benefits of getting mortgage advice (how we can save you time, hassle and sometimes money through exclusive broker offers), but often, it’s not until you hear about a real-life situation that you realise just how crucial a broker can be.

A complicated property purchase

Simon Deeming, Mortgage Advisor here at Mortgage Style, explains more about his latest complex case that needed an experienced hand.

“We recently helped a client obtain a mortgage offer when another broker had tried (and failed) to place the application with a mainstream lender.

The lending challenge

There were a few obstacles to overcome from a mortgage perspective with this case:

1. The property was on one title deed but had a self-contained flat within it which had its own council tax and its own utilities. This meant that the property fell outside of mainstream lenders’ appetites.
2. Both applicants were self-employed through their own limited companies and Applicant One had only 1 years’ worth of accounts as a ‘track record’ in her new business (lenders typically like to see more than that).
3. The amount the clients needed to borrow was more than the lender’s standard salary multiple.

Finding a lender

After analysing the situation, my first task was to shortlist lenders that might offer loan terms under the conditions of this case. There weren’t loads of options but thanks to our connections with business development managers at various firms and the meetings we hold with specialist lenders regularly, I was able to come up with some options.

Building a case

As a broker it’s our job to present the mortgage application in the best light. Even though Applicant One only had 1 years’ worth of accounts, she had been operating in her chosen field successfully long before going self-employed which is an important point to make clear to the lender.

In addition, the accounts for Applicant 2’s business were strong, so, presented together, we were able to win the lender’s support and reassure our clients that we’d found the right deal for them.

Progressing the case

We’ve now obtained the mortgage offer and have two happy clients and a happy estate agent.

Our thanks to Louise Light Property for the referral and to Stafford Building Society for delivering on this quirky case.”

Got a challenging lending situation? Give us a try

Simon and the rest of the team are on hand to help you navigate any tricky lending situations so get in touch today:

01275 370360
contact@mortgage-style.co.uk

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There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £495 to £995 and this will be discussed and agreed with you at the earliest opportunity.