Manchester Mortgages received an enquiry from new clients in Didsbury wanting to buy a new property.
The Problem
They had previously had credit problems some 4 Years ago due to a down turn in one of the clients business which meant that they had defaults registered against their name.
They subsequently sold their residential property to pay off their debts and went into rented accommodation.
Before contacting Manchester Mortgages they had searched the internet and spoke with another broker who had advised that he would be able to obtain a mortgage but the interest rate would be in excess of 5% with a £2500 Lender fee and they were going to charge them a Broker fee of £2500.
The Solution
The Adviser from Manchester Mortgages obtained a copy of the clients credit profile and details of their current income and expenditure situation.
It was quite apparent that one of the clients credit profile was much better that the others.
Due to the Clients income it would be possible to arrange the mortgage in the Client with the better profile name only. (This is not always the case as most lenders insist that if clients are married that the mortgage MUST be in joint names) however the clients partner could be named as a occupier.
Due the deposit being used 25% of the purchase price an agreement in principle was obtained with the Halifax.
The full application with supporting documentation was submitted to the Lender and the mortgage offer was issued. All within 16 days from receiving the initial enquiry.
Summary
The clients will be moving into their new home within the month. The total amount of Money saved by using Manchester Mortgages over the first two years of the mortgage is £ 11,712.
This was because Manchester Mortgages adviser got a full understanding of the clients full situation and what lenders criteria they met and did not take the easy option and arrange the mortgage with any lender.
The clients will be paying a interest rate of 2.39% with no lender fee half the cost of the rate the other broker was offering, and as they are now a client of Manchester Mortgages they will continue to ensure they are paying the most competitive rate available to them throughout the remaining term of the mortgage.
The added bonus is they are now close to their favourite pub in Didsbury.
Give Manchester Mortgages a call on 0161 706 0242 and speak to one of our experienced advisers
