Declined by their existing lender because of a black mark on their credit file23rd February 2015
This case study is for illustrative purposes only and does not constitute advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
I was introduced to a potential client who wanted to move home but were declined by their existing lender due a black mark on their credit file since taking out their original mortgage.
They spoke to three other high street banks and spent a total of six hours in meetings with the banks only to establish that none of them could help.
Our client could not secure the mortgage they needed because of the black mark on their credit file.
After meeting with the clients I was quickly able to demonstrate to the clients that they were not 'un-mortgageable' but that we just needed to look at specific lenders who would specialise in the adverse credit arena.
I was able to get a mortgage agreed at a more favourable rate than the client was anticipating which mean that we were able to keep the monthly mortgage and protection premiums under their proposed budget.
My clients were very happy as they had resigned themselves to living in their current cramped home for the foreseeable future!