Case Study - Getting a Mortgage with Poor Credit

Mortgages for Nurses and Paramedics – A Case Study

CLIENTS SITUATION

Manchester Mortgages received this enquiry through our Contact Form on our Website.

Our prospective clients were a homeowners one worked as Nurse at Wythenshawe Hospital the other was a Paramedic.

Due to circumstances they had accumulated £32,000 on credit cards and they were now finding money tight to pay the minimum payment in addition to their mortgage with Nationwide Building Society.

coupleTo add to the problem their 18 year old daughter was at university and this was an additional expense which they were struggling with.

The Good News was that they had in excess of £130,000 equity within their property.

THE PROBLEM

As they had a large balance on their credit cards, a number of lenders would still assess the application if those balances would remain reducing the amount of money they would potentially lend even with a large amount of equity still remaining.

The other problem was that one of the applicants was 58 years old whilst the other was 48 years old and they were looking to take the new mortgage over 20 years so that they could keep the mortgage payments within their budget whilst their daughter was at university.

THE SOLUTION

After researching the whole of the market, Manchester Mortgages were able to recommend Accord Mortgages (Part of the Yorkshire Building Society) who were willing to accept the application based on their income, the amount of Credit Card Debt they were consolidating and the fact that the mortgage term would extend beyond the eldest applicants retirement age.

CONCLUSION

Our clients now have a fixed rate mortgage at below 2% for the next three years whilst their daughter is at university (Less than the rate they were paying with Virgin Money) they will know what their mortgage payments will be enabling them to budget.

More importantly reducing their monthly outgoings.

At the end of the fixed rate period Manchester Mortgages will contact our clients again to review their situation and recommend a lender / product that best meets their circumstances. Meaning they will probably reduce their mortgage term.

Manchester Mortgages were also able to advise and arrange the Life Assurance and Critical Illness to provide valuable protection of the mortgage should the very worst happen which our clients were well aware of working as a Nurse and a Paramedic.

mortgage approvedSUMMARY

Our clients had spent six months struggling to make ends meet and this was making them unwell. Manchester Mortgages has in excess of 75 years experience arranging mortgages for a variety of clients and situations on a daily basis. CONTACT US ON 0161 706 0242 or send us a message through our contact form and one of our highly experienced advises will contact you to discuss your personal situation.

Manchester Mortgages provides a bespoke service to staff of the NHS, meeting at a time and place of your convenience.

Read our main page about mortgages for nurses, doctors and paramedics


Manchester Mortgages is a trading name of Mortgages 4U (North West ) Limited which is authorised and regulated by the Financial Conduct Authority (FCA register number 301076).
Registered in England & Wales No. 4729252. Registered office: Suite 8 Moorfield House, 2a Moorside Road, Swinton, Manchester M27 0EW
Your home or property may be repossessed if you do not keep up repayments on your mortgage.