A married couple approached us looking for help in getting a home-owner mortgage so that they could move to a large 4-bed house in Kent where they could raise their growing family.
The husband and wife had run their own design consultancy for many years but had sold it for profit 12 months ago. Keen to stay in the same line of work the couple had set up a new company, this time in partnership with another entrepreneur.
The clients were worried that having less than two years’ worth of accounts from the new business would scupper their chances of getting a mortgage.
However, due to our knowledge of lenders’ requirements, we knew that one of the high street banks would be willing to assist. Prior to submitting the formal application we made sure that the clients supplied us with all the necessary, supporting documentation to ensure that the case was processed without delay. The chosen lender carried out an automated valuation and a full mortgage offer was received within three working days!
An automated valuation can be obtained within a few seconds but is generally only used for remortgages. It is very rare for one to be carried out on a purchase! Unlike the traditional method of visiting the property, an automated valuation looks at data available online including sales history and pricing of similar properties in the same area to determine a credible valuation.
Here are the details of the deal:
Property value: £950,000
Loan amount: £600,000
LTV: 63%
Rate: 1.45% fixed for 2 years
Term: 32 years capital repayment
Borrower: Joint application
Mortgage payment: £1,957 pcm
Lender arrangement fee: £995
Consultant: Erin Gallacher, 01625 416392
This is just one example of how we have helped secure finance for a client, if you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788 or contact me directly at ering@mortgagesforbusiness.co.uk.
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
