NHS Nurse Case Study - Getting a mortgage with poor credit

Mortgages for Nurses – A Case Study

Salford Royal NHS mortgages

Manchester Mortgages provide specialist mortgage advice and brokering to all NHS workers. In this article, our clients both work in the NHS at Salford Royal Hospital, here’s how we helped them get out of debt AND get a really decent mortgage.

Our Client’s Situation

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

Our prospective clients were a homeowners both were Nurses working at Salford Royal Hospital in Salford, Greater Manchester.

They had fallen behind with some of their credit commitments three years ago and had defaults registered against their name and entered into a Debt Management Plan

They also had accumulated Credit Card debt of £30,000 due to one of the applicants reducing their hours of work whilst they looked after a sick relative.

They now found that the payment on their Mortgage with HSBC and their credit commitments were stretching them each month and were conscious not to miss any further payments.

However the Clients had £80,000 equity in their property

The Problem

Taking all of the above into consideration you would not think our clients would have any problem obtaining a mortgage as there are more lenders available in the market place and that are able to offer mortgages to clients with defaults.

However, due to the fact that they were in a debt management plan which was going to remain and the fact that a large percentage of their income was made up of overtime. The number of available lenders were limited.

The Solution

After researching the whole of the market Manchester Mortgages found a specialist lender willing to lend on a competitive two year fixed rate, would accept the application with the Debt Management Plan remaining and capital raise £30,000 to pay off the Credit Card debt.

Conclusion

Salford Royal NHS mortgageOur clients now have a fixed rate mortgage at below 4% (LESS than the rate they were previously paying with HSBC). They also 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.

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 Nurses.

Summary

Our clients had spent three months speaking other brokers who were not able to assist them.

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 NHS workers. Call us now to discuss your options.

> Visit our main Specialist Mortgages for NHS Workers page

 


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.