This week's case study highlights how Alexander Hall helped a client obtain a mortgage after being let down by their bank.
Our clients' challenge
Our client was under offer on a new home and had applied directly with their current bank for their mortgage. Four weeks after application, having paid for a survey and legal searches, the lender declined the case based on credit scoring. The client had been made aware by their bank of a ‘credit file issue’ at application stage, but had been given reassurances that due to the long standing relationship with the bank, this would not be a problem. At this stage they were only days from when they were expected to exchange contracts.
Alexander Hall's solution
The client was referred to us by the estate agent to see if we could help. We were able to source a more competitive product offered by a bank that was able to take a more flexible view on the client’s credit file. The application was agreed within two days, subject to the property valuation. This took place within the same week through a ‘desktop valuation’, which doesn’t require a physical inspection of the property (as was common place prior to the lockdown situation). Within ten days of application we had a mortgage offer and the client was able to proceed to exchange. Needless to say, our client was delighted with the outcome. Having at one stage thought that they may have lost the property, they are now settling in to their new home.
