Self Certified Mortgage
Sometimes The Only Thing We Can Offer You Is GREAT ADVICE!
Rina had only recently become self-employed as an Independent Dental Practitioner. Although her income was between £6000 - £8000 per month, she was unable to prove this and Rina's husband has only recently been offered a job as a teacher but did not start his new position for another 3 months.
Initially Rina was looking to raise £57000 on her existing residential property to purchase a buy-to-let property. We were unable to assist with this due to the fact that she was tied into her existing mortgage with Woolwich for a further 7 years and we therefore advised not to swap mortgages due to the high Early Repayment Charges on her mortgage and the excellent low interest rate that she was paying. All in all switching mortgages at this time would not of been a wise move due to the financial penalties imposed on her.
What other Options did we consider?
We enquired on her behalf about a secured loan as another potential option to raise the funds needed. This route proved too costly for Rina as it didn't fit within her budget as the interest rate that was quoted was in double figures. Rina had advised that she had previously approached her current mortgage provider regarding a loan but they had declined her due to the fact she had only been Self-employed for 6 months.
Banks sometimes make strange decisions...
Rina had been banking with the Woolwich for 20 years, she had both her personal and business account with them. The bank could see proof of her income as it was paid into her account, and after taking all this into account, they were still not prepared to lend her the money she required. After arguing the case on Rina's behalf Woolwich then re-considered their decision and agreed to lend Rina the money for her deposit on her new Buy-to-let property. Sometimes, banks and the decisions they make are beyond comprehension - lending decisions are generally approved by computer programs and in some instances do not allow for any flexibility which as a consumer is annoying and frustrating
Was our honest advice appreciated?
Yes it was!
We believe in offering you honest and upfront advice even if it means that we don't write any business with you. Why do we do this? Well the answer is simple - if we do a great job for you (with or without completing a mortgage for you) then you will always come back to us as you trust our advice. If we are lucky you will hopefully recommend us to your friends and family - What more could a growing business ask for...
To prove this point...
After further conversations with Rina she agreed to let us quote for her buy-to-let purchase. Rina was desperate not too lose the investment property she had found and already had found a mortgage deal that she was ready to proceed with. One of our advisers sourced an alternative mortgage for her from Mortgage Trust which proved to be a better deal then she had already been quoted at the estate agents.
We immediately applied for the Decision in principle and Rina was very happy to complete the full application form the following day once Mortgage Trust had returned there decision to lend Rina the money she required.
Rina's initial mortgage enquiry was made online, once her transaction was completed she said that she was very pleased with the service we had provided and very happy with the product we had found for her.
Another very happy customer !
