Fast tracked mortgage and lending restructured.

Mortgage rate: 1.56%.

Mortgage value: £980,474.

Property value: £1.25m.

What was needed

The clients, a married couple, were selling their home and purchasing a new larger home. They wanted to agree a mortgage urgently so they could exchange contracts as soon as possible. There was a lot of interest in the property they wanted to buy.

What was the challenge

Originally our clients went direct to Santander, porting their mortgage to avoid early repayment charges. However, there was a considerable delay due to the clients owning a property in Dubai. The deal was looking as though it would fall through at the 11th hour as the lender was taking so long to process the application.

At this point they were referred to Mortgage Broker Bethany Smith by the selling agent, to see if she was able to help.

Bethany submitted the application to a different lender, Halifax on the 25th September and had a full mortgage offer by the 3rd October. (The process would have been quicker, but because of the loan size it had to be signed off by a senior underwriter).

The clients and Bethany thought all was well. But then the clients’ buyer pulled out. Our clients were left stranded as the deposit for their new purchase was being funded from the sale of their property.

How we provided the solution

Bethany reassessed the situation, and discussed options with the client. Bethany recommended an increase in borrowing with Halifax to the maximum permitted. She also arranged a Buy to Let (BTL) mortgage on the client’s existing property to make up the difference on the deposit and fees. The clients hadn’t even considered this as a possibility, so were over the moon they could keep their existing property and secure the new one.

The clients were happy with this so Bethany started the application.

Barclays (the BTL lender) then had system problems meaning that all cases were on about a 10-day delay. Bethany managed to fast track their application, get it all sorted and send out the offer well ahead of when was expected. (After much stress for all involved, especially the vendors as they were expecting to exchange weeks before. They were relieved Bethany had facilitated their fast tracked mortgage offer).

However, the solicitors hadn’t received the documents needed for exchange and no-one from the lender was replying to the solicitors.

Bethany managed to negotiate for the pre-offer team to nudge the post-offer team who then got the relevant paperwork to the solicitor much faster than would have been the case otherwise. This meant the clients exchanged and finally purchased their home.

What was the result

The clients not only secured the property they wanted, but managed to retain their current one. They were so delighted with the service provided by Bethany from Rose Capital Partners that they sent flowers and a thank you note in appreciation of her hard work and tenacity.