The client: Our client is a self-employed contractor in the tech industry, who lived with her parents. Before approaching Raisa, our mortgage adviser based out of AP Morgan Estate Agents in Bromsgrove, she made a mortgage application directly to a well-known high street lender which was unfortunately turned down because of her poor credit record, caused by her history of making late minimum payments to her credit cards. As she was very motivated to move out, she approached Raisa for assistance.
The property: The client wanted to buy a three-bedroom terraced house in Bromsgrove with an asking price of £180,000
The finance: The client’s parents had given her £10,000 to use as a deposit, which meant she needed to borrow 90% LTV. Raisa advised the client that although she could expect to borrow between 4-5 times her income, her poor credit history would mean she would likely end up paying a much higher than normal interest rate.
The solution: After taking a detailed look at her credit report, we worked out which lender would be the most likely to lend. This enabled us to ensure that the lender we contacted was the one we felt would be the best match given the circumstances of our client. As we anticipated, the lender issued an agreement in principle which our client was delighted with, giving us the go ahead to submit the full application to the lender. The lender underwrote the case very quickly and soon we had a very happy client with a formal mortgage offer from her lender.