Prior mortgage application declined through previous broker firm, so clients alarmed at no mortgage offer

Coronavirus grant complication and Stamp Duty holiday deadline loomed

3 day turnaround of mortgage offer of £510,000 on £600,000 property at interest rate of 2.32% fixed for 2 years

Our client

Our clients were a couple who had engaged another firm of mortgage brokers sometime before approaching Rose Capital. They’d had an offer accepted on a £600,000 property and had been working with this other firm to apply for a mortgage.

What was needed?

The previous firm of brokers had submitted the clients’ case to a lender for a £510,000 mortgage however, much to their consternation, their mortgage application had been declined. Time was running out and the clients urgently needed a broker who understood their circumstances and could find a lender to match.

What was the challenge?

One of the couple was self-employed and had earlier taken up a Coronavirus support grant, which resulted in the first mortgage application being declined according to that lender’s criteria, despite affordability not being an issue.

Also, because of the delay in receiving a mortgage offer first time round from the original broker, the couple were now up against the Stamp Duty holiday deadline, which meant they would have to pay an additional £17,500 in Stamp Duty if they missed it. So, speed really was of the essence!

How we provided the solution

The clients consulted Bethany Smith, Associate at Rose Capital Partners, to understand how they could obtain a mortgage offer which took account of the grant and would allow them to meet the Stamp Duty deadline.

Bethany placed the case with a lender with which she had carefully pre-screened the Coronavirus grant to ensure this would be accepted and the successful application was submitted and processed in just 3 working days!

The clients were extremely grateful to Bethany as they had been panicking that their mortgage application would not be successful or would only be agreed after the Stamp Duty deadline had expired, costing them thousands of pounds.

What was the rate?

The rate was a 2-year fixed at 2.32%.

5 star Google Review

Bethany helped us get our first mortgage, other brokers were taking weeks to even gather the correct documents. Bethany was able to get the offer in less than 2 weeks, always responsive and made everything so easy.