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Application to offer in under 24 hours

Application to offer in under 24 hours

The Client: A father and daughter approached us looking to refinance their home. The father is a self-employed editor, he is also in receipt of a pension. The daughter works as a journalist in the city.

Having originally taken out an interest only mortgage, the pair were now looking to refinance onto capital and repayment terms.

The Property:
A four-bed semi-detached house in North West London.

The Finance:
Moving from an interest only mortgage to capital and repayment, both father and daughter were aware that their monthly mortgage payments would increase.

Keen to keep their payments locked in at a fixed amount, the pair had requested a three-year fixed rate. They planned to reassess their options at the end of this term.

The Application Process:
To achieve the desired loan amount, it was apparent that we would need to approach a lender which would accept pension income when calculating affordability. Added to this, the lender would need to accept applicants up to the age of 80 at the end of the loan term.

Within one hour of receiving the application we made a call to one of the high street building societies. After talking the case through, they advised us that it was a good fit with their lending criteria.

We submitted the full application to the lender at 1:15pm – an automated valuation was carried out immediately (free of charge). An offer was then presented to us at 11:40am the following day.

Needless to say, the clients were delighted with the outcome! Here are the details of the deal:

Property Details

Property value: £580,000

Loan amount: £232,054

LTV: 40%

Rate: 1.78% 3 year fixed rate

APRC: 3.2%

Term: 13 years

Lender arrangement fee: £999 added to loan amount

Mortgage payment: £1,664 pcm

Original mortgage payment: £304.80

Consultant mortgage adviser: Ross MacTaggart, 01732 471 630 or 07814072177

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgages for Business Ltd is registered
in England and Wales No. 2502713.

Registered office:
17 Kings Hill Avenue,
Kings Hill, West Malling,
ME19 4UA.

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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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