Case Studies

Situation

First Time Buyer buying her Council Right To Buy with Credit Issues

The client had credit issues as was made bankrupt around five years ago, and was discharged from this four years ago.

They came to Carrington after looking at a number of unsuccessful options, and was scared she would miss out on buying her council house as the deadline was looming.

Solution

We were able to get it approved through one of our specialist lending contacts and client was delighted to buy her home.

She further protected herself with life and critical illness cover for her and partner.

At Carrington we have agreed to contact in her in two years’ time once some previous credit issues will be removed from her credit file, and will look to remortgage her property to a prime High Street lender and bring the term of the mortgage right down.

*If you have adverse credit issues you will be restricted to a limited provider panel who may charge higher APRC rates


Situation

Buy to Let investor looking to Remortgage and Capital Raise

Our client was looking to remortgage a buy to let property they owned and wanted to capital raise to allow some unsecured debt to be repaid.

There was a 2nd charge registered against the property for just under £500,000 which was originally taken out to balance the client’s portfolio. The client had initially come to simply remortgage the original mortgage to us but due to the 2nd charge the whole outstanding loans needed to be taken into consideration.

Solution

Due to the nature of the lending and the amount involved we managed to secure a specialist lending facility for £700,000. This further allowed the client to pay off the original mortgage, the 2nd charge and another sizable mortgage on another property in the portfolio.

The client is now looking for us to balance the rest of their portfolio and look over the details of this.


Situation

Home Buyer recently returned to the UK with Credit Issues

Our client had worked overseas for five years and had recently returned back to the UK. At the time of application, the client had been back for under a year. In his absence, his credit report had been impacted by four defaults. The client was unaware of these and they dated back three years ago.

The client had just started a new role and was only two months into this.

Solution

Due to our know-how, we managed to secure a mortgage for the client from a High Street provider without compromising rate or deposit. The client put down 15% deposit and as a result, is on the housing ladder thanks to Carrington.

As we deal with over 90 lenders we are able to find solutions in a difficult circumstance. In this particular one, there was only one lender that could have helped the client.

*If you have adverse credit issues you will be restricted to a limited provider panel who may charge higher APRC rates


Situation

Existing mortgage holder recently fallen onto the Standard Variable Rate with their lender

Our client recently got in touch as his current mortgage went onto the standard variable rate with his existing provider which resulted in an increase in his monthly payments by around £200.

After our initial conversation, the client explained that he wanted to get his monthly payments back to the level that they were before as an additional £300 would make things a bit tight after taking his income and other commitments into consideration.

He was worried that moving his mortgage to another provider would take a long time to complete and expected to have to pay the higher monthly payment for a few months.

Solution

We managed to source a very competitive deal with a high street lender, got his monthly payments back to the amount that he was used to paying and we were also able to reduce his mortgage term by three years. This resulted in a huge saving on the total amount of interest that he would pay on his mortgage over the term.

The best part about this deal was that it was submitted to the lender on a Wednesday, an electronic valuation was carried out the same day, fast-track underwriting completed the following day and the full mortgage offer was provided on Friday.

Receiving an offer from the lender in two days meant that he didn't have to worry about having the higher payments for a few months.

In an environment where we’re seeing base rate rises, it is imperative to have a broker in your corner who can act fast, efficiently and benefit you.