This month we received an enquiry where the client had been up to 6 months in arrears on a Mortgage for a period of 12 months, although all was up to date at time of application. In addition there were arrears on unsecured credit (credit cards/catalogues etc). The underwriters were happy with the adverse and we are currently just waiting on a valuation to come back.
Self Employed with large expenses
This was an interesting case for us. We had a customer who had been spending £10k a year on business expenses that would not exist going forward. We found a lender who could add that expense back in to the applicants income in order to try and get them a larger Mortgage to purchase the property they wanted.
Recent Default Mortgage
We have an existing customer who came to us last year. He had many defaults and CCJs due to family problems. The rate was a little on the high side at around 6%. He came back to us this year to see if we could do anything better as all of the defaults were a little older. Unfortunately in the meantime there had been another default registered. We spoke to a couple of our account managers and despite the new default, we managed to get the rate down to around 4%, knocking around a third off the rate he was paying.