Here you can read about some of the positive outcomes we have helped our mortgage customers achieve. Our expert team of brokers has helped countless clients over the years, many of whom came to us with complex cases the high street couldn’t cater for.
Case 1
First-time buyer with a gifted deposit
One of the first clients who ever came to us through our innovative mortgage-sourcing service was a challenging one, but ultimately a case with a great outcome for everyone.
The client was a young first-time buyer looking to purchase a home after an unexpected life event forced him to move out of his parent’s place. Affordability wasn’t an issue as his salary of £28,500 from a clerical job at a local hospital was enough to secure the amount he needed to borrow to meet the property’s £110,000 purchase price, with deposit factored it.
The only issue was where his deposit came from: he had some personal savings but the rest was cobbled together from gifts from his grandparents and an uncle on his mother’s side.
This meant that he had already been rejected by a well-known lender on the high street and was deeply concerned about the impact on his credit report, not to mention stressed about his plans potentially collapsing, as remaining at his family home wasn’t an option.
I informed the client that some lenders are more flexible than others when it comes to deposit sources and reassured him that, with all of the gifted funds taken into account, his LTV of between 80% and 90% was actually favourable, and opened up a few options.
I was able to place him with one of the regional building societies, who put extra scrutiny around the origin of his deposit, but quickly got his plans back on track after that.
Lee Trett - Mortgage Advisor & Director
Case 2
Remortgage with debt consolidation
We get plenty of enquiries from customers looking to remortgage for debt consolidation purposes at Teito, but this one had particularly high stakes.
The clients were a married couple in their mid-40s who had owned their own home for over seven years. They were running a successful bakery together, with healthy net profits, but fell into financial difficulties during the COVID-19 crisis and ran up some debts.
They had two personal loans outstanding, one of them with high interest, plus several thousand pounds in credit card debt. They were already struggling with these commitments and were concerned about what would happen when their current fixed-rate agreement expired in seven months’ time, following a recent Bank of England base rate hike.
A conversation with their existing mortgage lender had them convinced they might lose their business, as they were told debt consolidation would not be an option when they remortgage because their loan-to-value ratio was slightly higher than 85%.
But I saw this as an opportunity. After an extensive search of the market, I found that they would fit neatly at a leading intermediary-only lender, who was willing to offer them a remortgage with debt consolidation up to 90%. On top of that, the rate they were offered on a five-year fix meant that the repayments were comfortably within their means.
Not only were the clients able to remortgage, the consolidated debt and competitive rate they qualified for may have saved their livelihood too.
Case 3
Mortgages With Benefit Income
One of our senior mortgage brokers, Andrew Watson, is fast gaining a reputation on disability forums as the go-to man for mortgages based on benefit income.
Customers whose only source of income is benefits are often at a disadvantage when it comes to securing a mortgage. Two of Andrew’s first-time buyer clients found themselves in this position when trying to purchase new build properties through Shared Ownership.
The company they originally approached wanted a huge upfront fee and an ongoing monthly cost from these vulnerable clients, but with Andrew’s help and connections, they were able to secure a mortgage based on 100% benefit income from Barclays.
This was a fantastic outcome all round as two individuals with disabilities gained true independence without being stung by high costs and fees.
Case 4
Remortgage for a Property With Cladding
The challenges clients face when remortgaging a property with cladding are well documented, especially when said property has no ESW1 certificate in place.
One of our mortgage brokers, Tom Evans, was able to help out a client in this exact situation. This customer had reverted onto their lender’s standard variable rate as they were unable to fix back in due to non-conforming cladding on the external sides of the building.
Although the client did not have an ESW1 certificate, remedial work to fix the issue was already underway, and Tom was able to use this development and recent legislative changes to secure a positive outcome for the customer.
After speaking to the property owner’s existing lender, the company completing the remedial works, the managing agent and the original builder, Tom established that the builder and management company had signed up to the government pledge which ensured clients would be at no financial loss as a result of the works.
Tom was able to obtain various letters confirming this, and as a result, was able to secure a remortgage with the customer’s existing lender.
All clients' names and personal information have been excluded from these case studies to maintain their anonymity
