Concern prior issue would delay flat remortgage process.

The remortgage process was successfully navigated to avoid issues and delays with a new lender.

£603,000 repayment mortgage approved on a flat valued at £930,000 at a 2 year fixed rate of 0.99%.

The client

An existing client was looking to remortgage at a competitive mortgage interest rate with a minimum of fuss. Around 2 years prior, when purchasing his property, the client experienced issues with his purchase because the valuers for a few particular lenders had identified some cladding on the balcony of the flat he was buying. This was resolved and no longer an issue with his current lender but had been a major stumbling block back when he was purchasing the property.

It was now time for him to refinance with deals available from a range of lenders, many being overall more cost-effective than the one he was being offered by his current lender.

What was needed

The client needed a lender who would lend him the required amount, which in this case was not a challenge as his income alone after factoring in private school fees he was paying and child care, was still enough to meet affordability requirements. What was tricky was if the initial issue about cladding on the balcony of the flat, which was a challenge during his initial purchase, resurfaced. The client needed a new competitive deal with as little hassle as possible.

What was the challenge?

The concern was that lenders may once again reject the client’s application based on the valuer’s comments, and raise other issues derived from the information provided on the EWS form (as recently re-mortgaging some flats with cladding had become difficult).

How we provided the solution

Paul Asare, Associate, carefully presented the overall case to the new lender, specifically the issue about previous valuers’ concerns with some form of cladding on the balcony. After receiving satisfying responses and reassurances from the chosen lender, Paul submitted the application, which was approved without issue. This was important as Paul wanted to firmly avoid going through a convoluted process of submitting an application, only for it to be declined on the basis that the lender was unhappy to provide finance on that specific flat.

What were the remortgage amount and interest rate?

Paul successfully arranged a hassle-free £603,000 repayment mortgage on a flat valued at £930,000 at a 2 year fixed rate of 0.99%.

The client was pleased and relieved that the remortgage was approved without delay at a highly competitive interest rate.