Manchester Mortgages were contacted by one of our existing clients in Chorlton as they had sold their exiting property and were wishing to buy a bigger property.
CLIENTS SITUATION
One of the clients was an electrician CIS contractor but had been working full time throughout the coronavirus pandemic and his partner was a teacher on maternity leave after giving birth to their son.
They had some existing credit commitments which they were looking to pay off with the sales proceeds to reduce their monthly outgoings but borrow additional money to enable them to purchase the new property.
THE PROBLEM
Our clients were in the middle of a fixed rate and would have had a large penalty if they paid their mortgage off and move to a new lender. The client who was self employed had also received payments from the government support scheme during the current coronavirus pandemic even though he had been working. His partner who was on maternity leave was only receiving Statutory Maternity pay, but would be returning to work on her full salary in September.
THE SOLUTION
Manchester Mortgages were able to transfer their existing mortgage with the Halifax to the new property with additional borrowing being added to their existing mortgage. As they were increasing their mortgage. The mortgage term was able to be extended so that mortgage payments were within their monthly budget.at our client even though he had received government assistance could afford to make the mortgage payments on his declared income.
CONCLUSION
Our clients are now looking forward to moving into their new family home with the knowledge that both parts of the mortgage are secured on a fixed rate so ensuring they know what their mortgage payments will be.
So if you are in the middle of a fixed rate and are considering moving home, Contact Manchester Mortgages on 0161 706 0242 to see if we can assist you with what options are available to you.
