Case study; We were presented with a scenario whereby our client wished to switch properties that they were looking to buy as a new main residence. They were looking to do this due to the protracted situation they found themselves in when trying to proceed with the property they had originally found.

The client found themselves in a quandary as they were desperate to move on two counts; one, they were back residing with parents as a stop-gap which was becoming a challenge, two, they were aiming to complete prior to the 30th June 2021 stamp duty holiday due to the savings they’d make on this particular tax.

The client seeked our guidance regarding what would happen if they switched properties at this late stage. We explained the potential risks involved, as the mortgage offer in place at that time had already been extended once before, and essentially, we were re-submitting a fresh application which would require full underwriting as standard. This would mean the current offer in place would be retracted, leaving the client in an offer-void period.

Even though this risk was unavoidable, we offered reassurance of achieving a successful outcome as we were confident of obtaining a new mortgage offer on the replacement property, and would aim to do so in extra quick time. The client trusted our opinion, so we proceeded with the new application.

Within four days we had gone from an application submission at 85% loan to value, to a formal mortgage offer being delivered. The client was ecstatic with the outcome and could not believe the speed in getting this achieved, as this ultimately led to easing the client’s worries and allowing them to press ahead with the preferred transaction.

This outcome stemmed from three implemented broking methods; thorough lender research, simplifying the case rationale, and being incredibly prompt in our actions.

If we can be of assistance with your own mortgage enquiry, then please do not hesitate to contact us today.

Lucia Freeman
Mortgage Broker