Successful mortgage application regardless of default

Non-UK visa holding national with less than 75% LTV

£628,000 borrowing achieved at 1.94%

Our Client

The couple had set their hearts on a property they very much wished to purchase but were aware that with a default and residency complications, there would be difficulties applying for a mortgage.

What was needed

The clients wanted to arrange borrowing of £628,000 with a 20% deposit, however, one of the couple was not a UK national and was resident via a visa, and also had a default on their credit record.

What was the challenge

It is common for lenders to decline a mortgage application if the potential borrower has a default. In addition, most lenders consider a maximum of 75% LTV if the applicant holds a visa. The challenge was to find a lender who would consider our clients circumstances and approve a mortgage with an applicant with adverse credit who was not a UK national and only had 20% deposit.

How we provided the solution

Joanna Ziou, Associate, took on the couple’s case and discussed what their mortgage goals were. Joanna delved into the details of their circumstances and set about finding a suitable lender. Her expertise enabled her to assess the criteria of likely lenders and identify the one she could successfully place the mortgage case with which suited the client’s specific situation.

After carefully preparing the case to ensure the lending criteria were satisfied, Joanna successfully piloted the application through to a mortgage offer with a lender who would consider 80% LTV and would overlook the default in the light of the client’s particular circumstances.

The clients were pleased that their application was not declined which would have further affected their credit rating and ability to obtain a mortgage. But more importantly were delighted that the successful mortgage application enabled them to buy the home they desired.

What was the rate

The interest rate was 1.94% fixed for 2 years