Highly competitive remortgage deal agreed in just one week
Remortgage offer for first floor flat in 3 storey building at the required valuation without issue
Remortgage deal secured after client struggled to find an appropriate lender
The client contacted us as her mortgage deal with her current lender was nearing expiry and she needed to remortgage.
What was needed?
The client had approached a few other lenders but she wasn’t getting the positive response she needed. Especially as she was concerned that her application may be declined due to the furor around cladding and the potential need to have EWS1 documentation. (An EWS1 certificate is an external wall survey indicating that the building has been assessed for safety by a suitable expert.)
What was the challenge?
The challenge was to find a lender who was willing to lend on her 1st floor flat in a three-storey building without any issues and also securing a better remortgage deal than she currently had. To enable us to complete this successfully, the flat needed to be valued over the £363,000 value given by her current lender. The client had also recently gotten a valuation done by an independent agent which put the flat at £450,000
How we provided the solution
Having researched the market, including available deals, and after having discussed details of the property with prospective lenders, Paul Asare, Associate, was able to secure a very competitive remortgage deal. The lender valued the property at the needed £450,000 without requesting an EWS1 form as, per their requirements, the block of flats in question did not require such documentation.
The speed of the whole process also very pleasantly surprised the client, who was not expecting a deal to be agreed in under one week since previously her mortgage had taken a few weeks to be agreed upon.
The new rate offered to the client was a 2 years fixed rate at 1.09%