I’ve just been looking back over our activity during the last quarter, and I think that you might be surprised by the variety of Mortgage work that keeps us busy – to be honest, even I was!! Rather than going in to lots of detail, I thought perhaps I could offer a brief overview of some cases, to give a flavour of the type of circumstances and family situations in which we’re able to help. Below you’ll find a list of 10 application examples:
- First time buyer with a 5% deposit from savings and 5% gift from grandparents.
- Several Mortgage reviews – We have been able to substantially reduce some interest rates, and to fix them for a few years. We can either reduce monthly payments, or maintain them at a comfortable level. This helps clients by helping them to plan for the future, and protects them from any future interest rate increases. We can also reduce the outstanding mortgage length without affecting the monthly mortgage payment (sometimes even reducing it), offering a large reduction in the total amount repaid.
- Buy to Let purchases – Some clients are investing savings in property, rather than the bank, to hopefully achieve a better return. We’ve also been helping with portfolio building, releasing money from one rented property to provide a deposit for another.
- Leveraging equity from an existing investment property to increase deposit available for a bigger family home.
- Remortgage with Transfer Of Equity – Move mortgage to a new lender, as well as change of ownership, to remove one of the owners and replace with an alternate.
- Ported product – The mortgage lender, amount, and product have remained exactly the same, but the mortgage has been transferred to a shiny new home and our clients have avoided having to pay early repayment charges.
- A niche mortgage for someone to buy a ‘house of multiple occupation’. This means that each room is let individually, rather than renting the complete house as one unit, which can provide an increased rental return.
- New build properties with a fixed 28 day exchange policy. To meet the deadline we obviously need to keep a close eye on the progress of the application, and push lenders to ensure that they meet or exceed usual service deadlines. We also establish a good rapport and professional working relationships with the various parties involved.
- I’m also pleased to report that I have recently had 2 mortgage decline decisions overturned when the ‘computer said no’. I submitted appeals, and asked underwriters (people) to exercise their better sense of judgement and logic!
- Last but by no means least, I’ve also been able to secure the borrowing needed by a client to help alleviate some difficult circumstances, following some thorough research and negotiation.
That’s not a totally exhaustive list of what we do, but hopefully it’s enough to illustrate that if you / friends / family have any mortgage questions / issues, then the right number to call is 0117 204 7440. One of the things that makes me most proud of Moving Experience is the fact that the majority of work comes from existing clients, or from their referrals, and I really hope that we can continue to ensure that this remains the case in the future.