One of our newly appointed and recently CeMap (Certificate in Mortgage Advice and Practice) qualified mortgage and protection advisors has just completed a mortgage application, marking their first completion as part of our network.
The case was relatively straightforward but was not without its complexities, as most cases often are, and did require some reshuffling to minimise rates to secure the best deal possible for the clients.
The application, a £170,000 mortgage on a £250,000 property in Scotland, was sent in by a couple looking to purchase a property together as first time buyers. From the initial inquiry, the case seemed simple enough, with their healthy deposit in place securing a deal should have been relatively easy, but subsequent conversations uncovered some minor issues.
One member of the couple had some historical adverse credit that, when uncovered and factored in, reduced the number of available lenders. This left the advisor with only sub-prime funders to choose from to cover the mortgage, which would have resulted in higher interest rates for the couple, increasing their monthly payments.
However, our experienced Your Mortgage Plus business development manager Lee Hesketh, who was assisting the advisor in their first case, knew there may be a way to recover the situation, improving the affordability by submitting a single application.
The lady, a health care worker, had sufficient enough income to secure a mortgage individually, and after some exploration and criteria checking, it was revealed that processing her as the sole applicant would uncover the best rates, as her single application was more attractive to lenders than their combined application with the historic bad credit.
The sole application was then submitted to and approved by NatWest and the couple are now in the process of moving into their new home, happy with the outcome and glad of the support and guidance of the advisor. To compliment this, the advisor has begun discussing protections and insurances with the couple but as of yet nothing has been set in stone.
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