Couple 1 came to us very distressed, had been let down by their previous mortgage broker as he was unable to secure them a mortgage with an interest rate of less than 6% and a friend had recommended us.

They had been in an IVA (individual voluntary arrangement) which had now ended, and the previous mortgage broker had found them a mortgage with a mainstream lender with an interest rate of 1.14%, however after the full mortgage application had been submitted it became apparent they had had an arrangement with the lender which had formed part of the old IVA. The lender decided they were not happy with the application and subsequently declined it.

Due to an extremely complex upwards and downwards chain the clients were at risk of losing their buyer and dream property, their existing broker tried to re-source the mortgage with an alternative lender, however struggled due to the timeframe and misunderstanding of the lending criteria. He placed them with a specialist lender for clients with impaired credit saying this was the only alternative with an interest rate 6.49%!! They came to us very upset and concerned, worried the whole chain would collapse but not wanting to increase monthly payments by nearly £500 due to their interest rate jumping from 1.14% to 6.49%!!

We soon realised the previous brokers error in understanding the criteria around adverse credit and how long they had been out of the IVA, we managed to re-sourced this quickly with a mainstream mortgage lender, at an interest rate of 1.15%,  the case quickly progressed and they received their mortgage offer within 2 weeks from contacting us, they were overjoyed with the outcome.