Most of our Success stories centre around adverse. This one is a lot simpler but a good story where we can help even in the most straight forward of cases.
2 years ago, a friends sister came to us for a mortgage. Her circumstances were a little complicated in that she was a contractor but working under her own limited company. In order to pass affordability, we needed to use her day rate rather than what her accounts had. We manged to get her a mortgage with a high street lender at normal rates.
A couple of years down the line and her circumstances have changed and she wanted to remortgage.
The lady is now employed and is paid PAYE, nice and simple. Her home has gone up in value, her mortgage balance has come down and her income has increased… All in all, this is easy.
However, she had a few requests:
- She wanted to pull out a little extra money (less than £10,000) to do some work on her home.
- She wanted to keep repayments at a similar amount.
- She wanted to reduce the term.
On reading this I joked with her that she is not wanting much!
We update our factfind and ensure everything is up to date and go off to do the research.
When doing the research we were finding that rates were lower than they were 2 years ago. We were able to do everything she wanted. On a 2 year fixed rate, we would have been able to knock 4 years off the term of the mortgage and keep the repayments broadly in line with her current repayments.
However the lady preferred the idea of a 5 year fixed rate and so we opted for that and knocked 3 years off the term of the mortgage.
This meant we had been able to reduce the term of the mortgage by around 10%, get her £10,000 in her hand and keep the repayments around the same amount as they were previously – I think we ended up at £2 per month more expensive.
Admittedly, we did not really need to work too much magic here. There were a few lenders offering rates that would have seen a similar sort of outcome, so I dont like to take too much credit. But I thought this was a good example to show we can do more than bad credit and in all honesty it was nice to actually have a nice easy case on our desk for a change.
Complex, simple, adverse, no adverse – get in touch. We only take on cases where we are confident we can add value.