Super Fast Mortgage For Torquay Home, With Challenging Client Circumstances

Area
Torquay
Capital Raised
£637K

The Scenario

This was almost a case history in how-not-to apply for a mortgage. And we pulled it off.

An interestingly time-pressured situation was spiced up with a few additional challenges.

Our client came to us having already put down a £40,000 deposit to buy a £750K house in Torquay, Devon. He needed a £637,500 mortgage and hadn’t yet approached any lenders for an agreement in principle.

As we started our client fact-finding some interesting details emerged:

  • Our client was 62
  • He was self-employed, running a business manufacturing in China and Morocco
  • The property he was buying, whilst in a very desirable rural location, had two kitchens
  • He had an adverse credit rating due to late payments on a buy-to-let (BTL) mortgage within the last 12 months

The latter was the cruncher: we had to wait until the full 12 months had elapsed since the default to make him acceptable to a lender. Which left us with only a month to get his mortgage approved or he would lose his £40K (and the house of their dreams).

Our Solution

We thought we could make it work with one particular lender if we packaged it correctly.

With regard to their concerns about the two kitchens on the property (which made it appear, on paper, like two separate dwellings which might need amalgamating into one) we pointed out that this was a property finished to a very high spec: the downstairs kitchen was the “entertaining” kitchen with patio doors out onto the gardens, and there was an additional upstairs kitchen for general-purpose family use.

The lender was persuaded that on a 6-bedroom property of this standard, two kitchens for the one dwelling were a reasonable amenity.

Our client was aware that we’d achieved the all-but-impossible in the time, and was so glad to have saved his deposit and completed the purchase he added £1,000 to our arrangement fee.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

Contact Us