When you are out in the financial market operating as a mortgage and protection adviser, the majority of cases you come across are likely to have their own unique quirks that can present a variety of different challenges. With time, you will get more comfortable overcoming these challenges, identifying any sticking points earlier and earlier in the process, and understanding what your next steps are in terms of identifying a solution.
That being said, when it is your first case you are not necessarily going to have that knowledge and confidence, and that is why the support of an experienced advisor can be critical.
This was what one of our new network partners found after they recently took their first case with us all the way through to completion. The case, a £69,000 mortgage for a £92,000 property in Eastbourne, looks to be a relatively minor one on the surface because of the limited loan size, but this is not always the case. Fortunately, as is the norm for our network of advisors, this case was not one of the difficult ones.
The deal ended up being a somewhat simple re-mortgage because of its substantial deposit of £23,000, relative to the market value of the property. The deposit you have available is what informs the Loan To Value (LTV), which is calculated by dividing the funding required by the sale price of the property. At the time of writing, the maximum LTV products available on the market are set at 95%, allowing purchases made with those mortgage products to go ahead with only a 5% deposit. In this case, the deposit created an LTV of 75% (£69,000 divided by £92,000), allowing it to move through relatively easily with Kensington, the chosen lender for securing the funds.
This partner does actually have experience working in the industry, but even still the support of our Regulated Network Support Manager was invaluable in helping them get to grips with the systems, sourcing tools and processes we use in the shortest possible time, which in turn enabled them to get the case submitted to and accepted by Kensington fairly quickly for a first case.
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