
Super Fast Mortgage For Torquay Home, With Challenging Client Circumstances
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.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
Are you looking for a similar type of property finance?
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George Abouzolof
Finance Broker
Bristol
0117 403 3444
Do you need help sourcing your own property finance?
I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
Are you in need of a similar type of property finance?
Book a free telephone consultation with one of our bridging specialists today and see how we can help you.
Sam Baker
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Fergus Allen
Finance Broker
Cardiff
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.
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Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
Are you looking for a similar type of property finance?
I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Mathew Phillips
Senior 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.
Book a free telephone consultation with me at a time to suit you
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.
Book a telephone consultation at a time that suits you:
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. Book a free telephone consultation with me at a time to suit you.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar?
I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you
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.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214