Quick remortgage to secure lower rate and funds for property improvements
THE BRIEF: OBJECTIVES/PROBLEMS/CHALLENGES:
We were approached by a couple that needed a remortgage. The clients were about to revert to their lender’s variable rate. They had been contacted by their lender who had offered them a competitive rate, however, they wanted to borrow some more money for home improvements and their current lender declined their request for more funds.
With the builders scheduled to start the next month the clients were panicking that they’d have to cancel the whole renovation project. They needed the extra finance in place within a month.
From an initial phone call in the morning, the clients were in our offices by 12pm that day to chat through their options and to produce the required paperwork.
Fox Davidson had a full recommendation for mortgage terms with the client that same afternoon. The client agreed to proceed that evening allowing us to submit the full application the next morning.
We secured a competitive fixed rate for the client with no lenders set up costs.
Fox Davidson worked to ensure all paperwork was picked up quickly by the lender and the valuation was instructed the same day as the application was submitted. By using our contacts at the lender, we were able to push through a remortgage application to full mortgage offer within 1 week of our initial phone call.
Applying the same pressure on the solicitor’s funds were drawn down within 3 weeks from the initial enquiry into our Bristol Mortgage Advisors office.
IN OUR OWN WORDS:
We do like a challenge! The clients were initially so panicked by the thought of not having funds to pay the builders and were worried that their mortgage rate was about to increase by almost Half. We were able to secure the finance and manage the whole process on behalf of our client.
An additional hurdle was that the clients were self-employed and hadn’t submitted their most recent tax returns. When applying for a mortgage anytime between October and the end of January it’s vital that your tax returns are up to date as lenders cannot accept paperwork which is more than 18 months old.