June was a great month for enquiries, we had so many different types of enquiries it kept us busy doing plenty of research and perhaps a sign of the times but we also had more than our fair share of unusual mortgage enquiries.
– We received an enquiry from a gentleman who had unsecured debt of around £70,000. He wanted to move home but at the same time reduce down this debt. Many Mortgage lenders were not happy to take on a case where the customer had run up a significant amount of loans and credit cards. However, we have managed to find a lender who will look to accept him with a 10% deposit. The customer is now house hunting 🙂
Remortgage for business purposes.
A couple were referred to us by an existing customer of ours. They have a debt secured against their home from a business they had many years ago. The bank who gave them a business loan is now calling in the debt and applying pressure to pay it off. Not many Mortgage lenders will allow you to raise money against your home for business purposes. Added to that, the customers are looking to use their latest years accounts only, due to an upturn in business so this was a not your run of the mill ‘unusual mortgage enquiry’.
We have managed to find a lender who will do this and the customers are currently in the process of getting their documents together so we can start the application.
Debt Management Plan running for 1 month.
This was something we did not think even we could place. The customer has had a lot of defaults in the last year or so and recently started a Debt Management Plan (DMP). Most lenders need the DMP to have been running for a minimum 12 months. We actually went back to the customer on a Friday with the bad news that we could not help them… On Tuesday we had a meeting with one of our account managers who brought up DMPs and with this case fresh in the mind, we ran it by him. We now have a Decision in Principle for the customer and an application under way.
There are no “normal” Mortgages, they are all different.
On a daily basis, we speak to people who have had past problems, we speak to people who are first time buyers with no “history” (good or bad), we speak to people who have been declined by their bank or by other Mortgage brokers.
We love quirky! We love adverse! We love first time buyers! These are the enquiries we deal with on a first time basis. The first 2 give us something to get our teeth into and try to place. With all of them however, we still get that warm fuzzy feeling (sorry for the cheese!) knowing that we have been apart of helping you get on the ladder and help you to the next stage of your life.
Please, give us a call. We are happy to have a conversation to help you on your way.