Couple with Complex Income Remortgage for Home Refurbishment
The Clients: Expecting their first child, our clients were a couple looking to extend and improve their existing home. Due to the pandemic and imminent arrival of a baby, they had slightly complicated income streams.
The Property: A three-bedroom semi-detached house located in the heart of Kent. The couple planned to add a rear extension, a brand-new kitchen, and a re-tiled bathroom to better accommodate their growing family.
The Finance: Our clients needed to remortgage in order to capital raise funds for the home refurbishments. To keep repayment costs down, they were after the most competitive rate available.
The Challenge: Our primary challenge was around our clients’ income complexities. The husband had recently spent some time on furlough, and the wife had just started maternity leave, both circumstances that impacted their income levels. As mortgage lenders take a thorough approach when calculating affordability for a loan, typically looking for secure and dependable income for all applicants, these circumstances could negatively impact our clients’ ability to secure the finance they needed.
Secondly, some lenders do not allow capital raise as part of a remortgage. Therefore, we’d have fewer mortgage lenders to choose from that could accommodate our clients’ finance type and income criteria.
The Solution: As a specialist mortgage broker, we have extensive experience sourcing finance for clients remortgaging with complex income requirements. With full market access, we quickly identified the mortgage lenders with criteria that allowed for recent furlough periods and capital raises for refurbishments.
By effectively communicating our clients’ circumstances to the most suitable lender, we secured a competitive mortgage offer in just five working days! Consequently, our clients’ are now renovating their property to create the ideal family home. Here are the details: