Turned Down By Your Own Bank?
Turned Down By Your Own Bank?
Mr & Mrs G came through to The Self Cert Mortgage centre after initially enquiring about their mortgage online. Mr G had previously approached a high street building society about his remortgage and they were unable to help him without sight of three years full accounts. He was led to believe by his own bank that he would have trouble getting a mortgage. At the self cert mortgage centre we find this a common theme that clients own banks tend to think along the lines of "Well if you can't get a mortgage here then you will struggle to get mortgage elsewhere" This is absolute rubbish! A mortgage adviser employed by a bank can only advise on their own banks mortgage products and will not have any in-depth knowledge of what competitors or specialised lenders could lend and on what criteria.
Why Mr G's own bank wouldn't lend to him...
Firstly, Mr. G was self employed and he wanted to remortgage away from his existing lender to consolidate his main mortgage and a second charge which was very expensive. Our client wanted a tracker rate and had a clean credit. There were no other debts or commitments and Mr & Mrs G had a good repayment history for both the mortgage and the secured loan.
Mr G had been trading since 1998 but the accounts for the current year were not yet prepared and business had picked up dramatically in the last 18 months meaning that his last three years accounts were not as relevant as this years profit and income. His current interest rate was due to expire in the next few days and he had no time to wait for this years accounts to be prepared, submitted and signed off by his accountants - Well he did have time but he didn't want to wait as this would have meant paying a much higher rate with his existing lender and quite rightly Mr G didn't want to do this if he didn't have to.
What did our adviser offer?
We quoted a high street lender based on this years current income and profit and as our clients passed the lenders credit score with flying colours due to factors such as: A long time at one address, the length of time he had been trading and his impressive payment history on his mortgage.
Mr G was happy with the deal quoted and allowed us to proceed to a full mortgage application that was completed over the phone in minutes. The mortgage was offered within 12 days with completion set the following week.
Mr and Mrs G were extremely happy as their testimonial shows:
"A fast, friendly and efficient service. Quick to answer queries and move things forward"
