Manchester Mortgages received a mortgage enquiry from a first time buyer living in Bury.
They had been renting for the past 4 years and felt that it was a good time to be looking to get on the property ladder.
They had been to their banks Santander and Lloyds to see what they were able to borrow but were advised that due to their past credit history they were not able to assist.
Our adviser was able to establish what the credit problems were and what potential lenders would be able to assist.
-Both applicants were in employment however one of the applicants had just started full time hours with their employer.
-The other applicant income was also made up of basic salary and a large amount of overtime.
-They had two children and about £7,000 outstanding on Credit cards.
-Part of the deposit was being provided by a family member with the remainder coming from their own savings.
-The clients had found a house that the liked and were keen to put in a offer.
Manchester Mortgages adviser was able to get the clients agreed with a lender and give them an idea of what the monthly payments would be.
The clients were happy with the monthly payments as it was slightly higher than their current rental payments.
One of the additional problems was that the clients were not always available during the day due to work commitments, so an appointment was made at their home address early evening and the adviser talked them through the whole mortgage and house buying process. They were also able to recommend a solicitor to help the with the legal work.
The mortgage application was submitted to the lender Aldermore and the Clients and the Estate Agent were kept fully informed about the progress of the Mortgage application.
The whole process from taking the enquiry to receiving a mortgage offer took 14 days.
Although the lender recommended may not be a recognised lender to most borrowers they were best suited to our clients circumstances today due to their past credit history.
The good news for the clients is that in 2 years time when their existing mortgage deal comes to an end Manchester Mortgages will be in contact with them to advise what is the best option for them. As long as they keep their finances in order they will probably be able to use a High Street lender.
Why not give Manchester Mortgages a call on 0161 706 0242 and see if we can assist you with your mortgage requirements? Click here to visit our main First Time Buyer page.