Amount raised: £250k
Location: Newcastle upon Tyne
The Scenario
If you work at sea for long periods of time, the last thing you want to do is spend all your shore time trying to arrange your next mortgage. That’s exactly what happened to one seafarer who approached us for help.
Our client had been trying to arrange finance through another broker, but they have been given the runaround and were losing faith in the process. They were trying to re-mortgage their property to shore up their family finances and complete some much-needed home improvements. The client earned in US dollars, made regular use of their overdraft, and had a late payment on their credit record.
Our solution
We take the time to review the merits of each client’s situation to decide the best solution. In this case, we discussed the case in detail with a high street lender who agreed they would be able to consider the application. We applied to the bank, but the loan was initially declined by the lender’s automated credit system. This was to be expected, and the case was sent for a manual review.
The underwriter agreed that the bank should support the case, and we were able to arrange the finance we had applied for. This provided the client with a competitive rate, without the need to use specialist or adverse lending solutions.
After the case was agreed, mortgage rates started to improve in the market. We were able to keep the client’s mortgage product updated, ensuring they did not miss out on any rate savings before completion. From the point of application to the point of completion, these savings totalled over £3,000.
Why choose us?
We are experienced in working with clients earning in foreign currency and with credit complications. Often, the right solution is within reach, with the support of a specialist broker.
Contact Us
If you are in a similar situation, we are able to provide a free consultation to discuss your options. Contact Orton Financial to find out more.