Remortgaging in Worsley when the Client is not in ‘Full Time’ Employment

This page is about the mortgages and remortgages that are available to people not in ‘full time’ employment, but rather on an employment contract. In this example our client was looking to remortgage their Worsley home. They called into our Swinton office to discuss their options.

CLIENTS SITUATION

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

worsley canalOur prospective clients were a homeowners living in the Worsley area of Manchester looking to remortgage their property to carry out major renovations and increase the size of their home.

Both were employed with a good joint income.

One of the clients had Student Loan and with a monthly payment of £ 148 per month.

They also had two dependent children with £500 per month child care costs

The estimated value of their property was £275,000 and the new mortgage required was £185,000

THE PROBLEM

Taking all of the above into consideration you would not think our clients would have a problem obtaining a mortgage as there would be plenty of equity left in their Worsley property after the remortgage had taken place.

However one of the applicants was a newly qualified teacher in his first job on a twelve month contract and very few lenders were prepared to offer a mortgage because of this fact. This is because an employment contract like this is considered a fixed term employment contract rather than full time permanent employment.

THE SOLUTION

After researching the whole of the market Manchester Mortgages found a high street Building Society (Accord Mortgages a lending division of Yorkshire Building Society) willing to lend on a competitive five year fixed rate. Carried out a free mortgage valuation of their Worsley property. Would pay the legal costs for transferring the mortgage over from their existing lender Halifax plc. In addition to this they would also provide them with a five hundred pounds cashback on completion of the mortgage.

The interest rate they were able to offer was 1.80%.

CONCLUSION

mortgage approvedOur clients are now in a position to instruct their builder to start work on the renovations on their house in Worlsey enabling them to create more room for their family to grow up in.

At the end of the fixed rate period Manchester Mortgages will be able to contact them to review their mortgage requirements again to ensure that they are paying the most competitive rate for their circumstances.

Manchester Mortgages were also able to advise and arrange the Life Assurance to provide valuable protection of new mortgage should the very worst happen.

SUMMARY

Our clients had spent two months contacting various high street lenders 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.

For more great advice see Manchester Mortgage’s Help and Advice page

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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 Moorfirled House, 2a Moorside Road, Swinton, Manchester M27 0EW
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