Think Mortgage, Think Brunswick!
These case studies are all real clients and circumstances varying from clients with poor credit to good credit and employed on zero hour or temporary contracts, but there are many more clients that have benefited from our expertise. We also specialise in mortgages for the self employed. Please check out the vouched for link below for further details regarding one of our advisors, Della Price and what her clients think!
Case Study no 1:
- Referred by local Estate Agent
- Clients both Polish with poor understanding of English
- All other advisors had not taken the time to help or explain the process in a way they could comprehend and therefore they believed they had little hope of obtaining a mortgage
Income proof for one of the client’s was limited due to lack of proof of self employment and help in obtaining the full proof was needed. We worked with the client’s Polish Accountant in order to obtain this.
After resolving the income proof and sourcing the whole of the market, we gained the clients a 90% LTV purchase with a high street lender, after 4 other high street lenders would not offer the loan amount required to purchase the property. A rate of 2.11% fixed for 2 years was recommended. The review they gave us was 5 stars!
Case study no 2:
- Referred by local Estate Agent
- Client had two large defaults in excess of £20,000 and whilst both were satisfied recently they needed a 95% purchase mortgage.
- Complications of the defaults - they were over 3 years old but only recently satisfied.
- First applicant is mid 50’s therefore term options were restricted
We were able to recommend a 20 year term with proof of income into retirement at a rate of 2.19% fixed for 2 years.
The case was referred to London and Country at the outset and they could not help.
The clients are now waiting to move in and are very relieved.
Case study no 3:
- Sole purchase at 90% LTV.
- The client tried an Estate Agency financial adviser who unfortunately couldn’t help due to the different sources of income.
- The client was on a zero hours contract with the local council but also had a 2nd job with a relatively short service of only 3 months. This was a different occupation to the first job.
We managed to find a high street lender who would take 100% of income into account for both jobs, allowing the applicant to obtain the mortgage amount required to fund the purchase. This was for the purchase of a property in repossession, therefore timescale was very important! We managed to obtain an offer and put the client ahead of the remaining interested parties. Another very happy client!
Case study no 4:
- This was for a buy to let 60% LTV purchase, where the client had again spoken to other brokers. The client had 3 issues that had been causing a problem.
- A small default for less than £200 - whilst satisfied 4 years ago this was still a problem with a lot of lenders.
- Exposure – properties in the same street – the client owned 2 properties already and wanted to buy a third
- Rental income coverage ratio – as monies were being raised against the other properties to help fund the purchase, the rental income received on property 2 did not fulfil the majority of the lenders ratio requirements due to new FCA guidelines.
We managed to seek out a high street lender with a 2.59% 5 year fixed, with no lender’s fee and the client was able to obtain the money required in preparation for the new purchase.
Case Study no 5:
- Clients were purchasing through an estate agent
- Various sources of income. We needed to utilise self employed income and income from a temporary contract
- One client had inconsistent income proof for self employment and only 2 years figures
The clients were at risk of losing the purchase as 2 previous brokers had been unsuccessful in obtaining a mortgage and 2 high street lenders had already declined the applicants.
Understandably these clients were extremely frustrated and had little faith a resolution could be found when they were recommended to use Brunswick. After ensuring they provided us with all documentation required at the outset, we were able to obtain an offer within 7 days from a high street lender! The clients were delighted and the completion took place 5 weeks later!
Case study no 6:
- Clients were purchasing and selling through local Gloucester agents
- Historic mortgage arrears and a historic default
- Credit file misreported the number of arrears
- The clients had dealt with 4 brokers in trying to obtain a mortgage for 6 months!!!
All of the previous brokers involved had misread the credit file and whilst the default was historic the timing of the application was key to the success of the case. Due to our experience in this area we understood the credit file did not reflect the actual situation and taking the time to discuss this with the lender recommended was crucial. Another obstacle was due to some of the deposit monies coming from outside of the EU, which many lenders are averse to. After 4 weeks we had an offer! The client was ecstatic, so were the estate agents involved!
Case study no 7:
- Buy to let remortgage however this was a Consumer buy to let which not all lenders offer
- The client had a low credit score which we knew upfront from obtaining a copy of their credit report
- The client had adverse credit history in the form of a CCJ
- The client had various income sources that could not be utilised for the minimum income requirement as needed by the majority of Buy to Let lenders
- Raising money for home improvements not on the buy to let but their own residential property
The client had 2 existing buy to let mortgages and a residential mortgage. Given all of the criteria above the lender choice was limited, but Brunswick were able to obtain a mortgage despite all of the above obstacles.
THINK MORTGAGE THINK BRUNSWICK!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.
Brunswick Homeloans is directly authorised and regulated by the Financial Conduct Authority (FCA: 304039).