case studies
We wanted to buy our Council house and fit a new kitchen and bathroom
Simon and Jane knew it made sense to buy their council house but it desperately needed a new kitchen and bathroom. With two young children their budget was tight. We arranged a fixed rate mortgage equal to 125% of the purchase price over a term which kept their payments almost as low as their rent. The fixed rate ensured they had no worries about affording the payments if interest rates were to rise in the future. With the help of the Mortgage & Property Centre (UK) Ltd they were able to fulfil their dream of owning their own home.
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I was declared bankrupt when my business failed. Can I get a mortgage?
Richard was self employed but unfortunately his business failed and he was declared bankrupt. After being discharged he tried to get a mortgage but couldn't without paying an extortionate interest rate which was completely unaffordable. He contacted us and we found a specialist lender who was prepared to offer him a mortgage at the standard variable rate. Three years after purchasing his house with a clean payment record we remortgaged him onto a discounted rate with a high street lender at 2% below the standard variable rate.
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I'm a first time buyer with no deposit and a poor credit history
Steven was 21 when he decided it was time to buy a house of his own. His new job paid well but he had no deposit and to make things worse he'd not kept up to date with his car loan and the loan company had issued a default notice as a result. No high street lender wanted to know Steven but we knew a specialist lender who not only ignored defaults but would lend him 100% of the purchase price. Happy house hunting Steven!!
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Our debts are getting on top of us. We need help fast!
Paul and Julie bought their house just after they married and all was well but now they had two children and as Julie was no longer working money was tight and their credit card balances were forever increasing. By the time they realised they needed our help they had already taken out a loan to clear several credit card balances all of which seem to be up to their limits almost overnight. They were using expensive short term credit to cover long term needs. We organised a fee assisted remortgage to consolidate all their debts into one affordable monthly payment and the schemes flexible features meant they could work to reduce the debt if they wanted when Julie returned to work in a few years time.
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I went self employed last year and now need to raise some cash. Will anyone lend to me without accounts?
Darren made the big decision to become a self employed shop fitter last year and although his business was expanding he needed money to buy a workshop. He had his own house with enough equity in it but what he didn't have, which all lenders want, is accounts. If he couldn't release some equity from his house quickly he may miss the opportunity to purchase the workshop he had seen. Once we had checked the affordability with Darren we were able to find a lender who would give him a mortgage without the need for accounts and two weeks after calling us he had the offer he was looking for.
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How do we go about buying a property to let?
Lisa and Martin were existing clients who thought it would be a good idea to invest in a second property to rent out and have as a nest egg for the future but they didn't know how to get started. We sat down with them and discussed the pros and cons of having a buy-to-let and worked out all the figures. They had already seen a property, so we calculated how much deposit they would need and generated this by remortgaging thier current property with extra borrowing. We then arranged a felxible buy-to-let mortgage for the remainder of the purchase price and both mortgages completed on the same day. The rent covered the new mortgage payments and all Lisa and Martin had to fund was the cost of the extra borrowing for the deposit.
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We want to buy a place in the sun but don't want to sell our home here just yet.
Gerry and Elizabeth wanted to invest in a Spanish property, which they could retire to one day. They had already paid off their mortgage here and had some money saved but after a visit to Spain realised they would need to borrow additional finance to get the sort of property they both liked. Although they had plenty of equity in their home they didn't want to sell just yet in case they decided foreign living wasn't for them after all. They came to us seeking a mortgage, which they could pay off at anytime should they decide to sell-up and move to Spain permanently and one with minimal payments. We arranged an interest only mortgage for them with no redemption penalties at all, allowing them to clear the balance whenever they decided to sell-up and retire to the sun.
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I have seperated from my partner; can i stay in the family home and take over the mortgage?
Any relationship break down is stressful enough but it is essential that due regard is given to any mortgage that exists. Maria's marriage had come to a sudden end and she was left in the family home with her young daughter. She wanted to stay in the home for many reasons but particulary for her daughters schooling and her partner had agreed to this in return for a cash settlement to clear the debt on the family car, which he was keeping. Maria had a job so we arranged a remortgage complete with a transfer of equity to put the property in her sole name and extra borrowing to cover the financial settlement they had agreed. We arranged for the solicitors to take care of everything and the transaction took place amicably without either party needing to meet.
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I would like to consolidate my debts like many people do, but I have a large redemption penalty on my mortgage.
Ben wanted to improve his family's cashflow by consolidating all his debts much like his friends had done, however, he was tied to his current lender for the next 4 years and their penalty for leaving them was too much. We took a look at Ben's income and commitments and after checking the affordability arranged a flexible secured loan with a term to match his mortgage. This kept the payments down, improving his cash flow and also allowed us to look at remortgaging all his borrowing in to one at a later date when his redemption penalties have ended.
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I'm a first time buyer and know nothing about mortgages, surveys, solicitors, insurance, etc, can you help?
When Donna made that decision to buy her first house she quickly relised there was more to it than finding a property and putting in an offer, so she came to the Mortgage & Property Centre for help. We started at the top and explained everything clearly and simply. Armed with a degree of understanding and knowing we were only a phone call away she went seeking her dream home. When she came back to us having had an offer accepted, We took over and started by sourcing an ideal mortgage then we arranged a solicitor to do the conveyancing. Donna was buying by herself so we arranged a low-cost mortgage protection package, just in case, and finally we found an insurer that would give her 2 years complimentary no-claims discount on her house insurance to reduce her premiums further. Finally, we processed the various applications, checked all the paperwork and kept her informed along the way. There is a lot to think about when buying a house buts it's much easier with professional help by your side
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