Arranging a mortgage with a satisfied Debt Management Plan

In this post we successfully find a mortgage for a new client who was being turned down by the traditional High Street lenders…

Manchester Mortgages were approached by a new client referred to us by one of our existing clients in Wythenshawe who we had arranged a remortgage two months earlier with the Halifax.

Our new clients situation was that six month earlier he had just completed a Debt Management Plan he had been paying for the last two years due to a down turn in his circumstances.

turned away trying to get a mortgage
If you’re being turned away for a mortgage by the traditional high street lenders then please get in touch with us. We can often help and get you the mortgage you want.

He had applied for two separate loans which he was having to pay over 7 years as the interest rate was in excess of 11% due to his Debt Management Plan. The Lenders treated him as a higher risk therefore having to pay a total of £451.

He approached his existing Lender Santander to borrow the additional money on top of his existing Mortgage which he was paying 4.54% who turned him down due to the Debt Management Plan even though he had never missed a mortgage payment.

He then approached his Bank NatWest, who he had banked with for 20 years who also turned him down.

He the approached Manchester Mortgages and asked if it was possible to remortgage his property as there was a significant amount of equity in his property as he needed to reduce his outgoings.

Our industry experienced adviser got a full understanding of our clients Financial Situation including Income, Expenditure and full details of the Debt Management Plan.

They were then able to research the market place and specifically lenders who would take into account applications from satisfied Debt Management Plans.

The recommendation was to move the mortgage away from Santander to a specialist lender Kensington Mortgages who specialised in clients with people who may have had previous credit problems.

Our client was concerned what interest rate he would have to pay.

The deal recommended was 3.69% fixed for two years (lower than the rate he was paying with his existing lender Santander).

Not only that Kensington provided a Free Valuation of his property and Free Legal fees for transferring the mortgage and would not charge an arrangement fee.

Our client was naturally delighted as this was saving him a significant amount of money each month.

Sometimes the High Street lenders like Halifax, NatWest, Nationwide Building Society, Yorkshire Bank and Santander are not the solution to the problem.

By speaking with a mortgage broker who has access the Whole of the Market and able to access the products of specialist lenders like Kensington Mortgages is a better option. They will work on behalf of the client not the lender.

So whatever your situation contact Manchester Mortgages on 0161 706 0242 and speak to our industry experienced advisers and see how they can help you manage your mortgage matters.