Our client, the owner of a mail order company, approached us asking if we could help him get a quick mortgage offer to buy a 2-bed terraced house in a popular Suffolk town, close to his family and his office.
The client's original broker had been unsuccessful at finding him a deal and then been slow to admit he wasn't able to help. Now at risk of losing the property, we took up the challenge.
Here at Mortgages for Business, we keep an up to date record of lenders' processing times, so we were quickly able to identify a number of lenders that could help in the required timeframe. We also checked to see which of the lenders would accept an applicant who owns his own business but has just two year's trading accounts, as some lenders ask for a minimum of three years.
Having narrowed the field somewhat, we presented our client with a variety of options and he chose a competitive two-year fixed rate without any arrangement fees. We submitted some basic details to the lender to get an agreement in principle, and the same day submitted a full application. A formal mortgage offer was issued just three weeks later, and we then managed the application through to completion, liaising with all parties to keep every stage on track.
Here are the details of the mortgage chosen.
Property value: £194,000
Loan amount: £164,000
Rate: 2.05% 2 year fixed
Term: 30 years capital and interest
Mortgage payment: £610 pcm
Lender arrangement fee: Nil
19th September 2017