We go the extra mile
The LIFT-Mortgages team have been inundated with enquiries since the stamp duty holiday was announced. Throughout the lockdown period, it was a different story as the mortgage market came to a standstill. Their hard work and dedication to getting clients the best rate did not waiver; for one client they persisted despite numerous challenges and helped them buy their dream flat.
This particular client attended one of the group mortgage sessions that I run for first-time buyers. This individual had no idea about mortgages, rates or how the process typically unfolds. After a face-to-face meeting (pre-Covid-19), I learnt that they receive annual bonuses and would therefore need the lender to lend against it. As a result of the meeting and the first-time buyer's session, the client was more equipped to understand the mortgage process and began their house hunt.
Dream house, outside the criteria
The team found an agreement from a high street lender, for a 10% deposit mortgage on the condition that the property had been lived in before. As is often the case when finding a house, the client fell in love with a property that did not fit this condition, it was a new build flat which most lenders wanted 15% deposit for. The team found a lender that could take 10% on a new build flat, just before the Covid-19 lockdown occurred – this was good in itself, despite the looming pandemic.
The client successfully agreed that the builders would pay the stamp duty at the last minute. This meant finding a new lender as the original one did not allow incentives, leaving one lender in the market that could help. The team submitted the case as quickly as possible; the survey was done, but an unusual build material (not brick and mortar) came back so the only lender in the market pulled out. I persevered and phoned the Business Development Manager (BDM). After talks, I managed to get it overturned as I proved that the materials being used were not an issue. Meanwhile, the threat of Covid-19 was becoming more apparent each day.
The client said they may walk away so the builders reduced the value of the flat by around 12.5% of the agreed price – the discount was huge by this point. The only condition was that the client had to complete quickly. We went back to the lender to inform them of this reduction (which is standard procedure), and the Underwriter told them that the discount was too large and they were pulling out. They were still the only lender in the market.
Dedication + experience = results
By this point, the mortgage market had collapsed and there was no chance of finding another lender. I, in my 19 years experience, had never heard of a lender pulling out because of a price reduction that was too large – you can always reduce the price. Both the client and I provided evidence that the discussions between the builder and the client had been a genuine price negotiation. The BDM agreed and the lender changed the policy to accommodate the client, meaning we got the offer.
As this client had to complete quickly, they were under constant agent pressure. As it can be very stressful, I helped them liaise with the solicitor. The client got the exchange done and could not be more in love with the flat they now own.
If you think our dedicated team could help you through the process of buying a house, please do get in touch by emailing firstname.lastname@example.org or call 0161 9292626.
Your home may be repossessed if you do not keep up repayments on your mortgage.