I think this is another success story which is easily achieved by most brokers. But I think it also backs up why a broker can even be useful in the most straight forward of applications.
The situation
This couple were quite straight forward, both employed, neither had any bad credit and not looking to stretch themselves financially. However, they were first time buyers and they liked the idea of having a broker on board to help if any problems arose. There were some issues along the way despite on paper it being as straightforward as its gets.
What we did
We did the research and made the application. All went through smoothly and we received an offer for 5.82% (£1,030 per month). As rates were dropping we were able to get the rate reduced to 5.43%. That in turn reduced the repayments to £985 per month.
We were still keeping an eye on rates coming down and with a week before completion was due to the take place (more on this in a moment) we were able to get the rate down to 5.38% or £980 per month.
Just by keeping an eye on things, we were able to save them £1,200 over the course of their mortgage.
However, despite everything on paper being straight forward, there was a problem with the solicitors! Their communication was not very good despite them being recommended by a family member. Completion never took place when it should have and it was at risk of being delayed again. The clients a little concerned got in touch with us. We were able to pick up the phone to the lender, get the answer and get it relayed back to the solicitor – the solicitor could and should have done this but were not doing it.
Outcome
The clients completed last week, however if we had not called up when we did, chances are that would have dragged on to this week. That would have resulted in the clients having to pay storage costs and two lots of removal costs (one from their home to storage and one from storage to their new home).
In short we were able to save them £1,200 by keeping an eye on rates coming down and switching them. We were also able to save them on storage costs and removals.
Summary
Whilst this was a straight forward case, there were problems along the way. Not normally something we get involved in as it is the solicitors job. But something we were able to help with. This is why we tend to say 99% of our job is done once the offer is issued – every now and again something crops up at the legal stage.
Its always nice to have someone else on your side who can help with problems if they arise.