Starting a new job and struggling to secure a mortgage with 15% deposit23rd February 2015
A new client was referred to Curchods Mortgage Services by one of our sales offices who were currently living in rented accommodation and had found a property they wanted to purchase for £335,000. They had managed to save 15% of the purchase price to cover the deposit for the property.
They had spoken to a number of local competitors mortgage advisers and had been told they could not find them a mortgage which would allow purchase to proceed.
Lenders were declining their mortgage application because our client was about to start a new job and would be on probation whilst his wife was earning self employed income which had decreased from the previous year, meaning lender would only take average of 2 years figures.
I referred the enquiry to our Research Department who assist us with cases which are more complex.
The case was discussed with a number of lenders to see which one lender would be comfortable with situation. The research team were able to secure a lender that were happy for Mr to be starting a new role within the next 3 months and used his contract of employment to support this and the income.
This resulted in the clients being able to proceed with the purchase of their dream home when others had said it was not possible.
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Mike Dean, FPC 123 CeMap