This week's case study highlights how Alexander Hall helped our clients meet a tight deadline to move home.
Our clients' challenge
Our clients were moving home as they needed more space. Their preference was to retain their existing home as a rental property; not only would this provide them with an income longer term, it would also mean that they could purchase the new home ‘chain free’. After a few weeks of looking, they found a New Build house which they needed to move quickly with, as the developer was seeking to exchange contracts in just 2 weeks. Our clients had approached their own bank for assistance, but had found that they could not offer them the two mortgages they would need (on both the new and existing home) and they could also only offer a relatively short mortgage term based on their age, meaning the mortgage payments would be far higher than they were hoping for.
Alexander Hall's solution
We managed to source and recommend two market leading mortgage products, within only hours of being given the ‘let to buy’ scenario. Both of our recommended lenders took a more flexible approach to the client’s age, agreeing to offer the mortgages over a term which made the payments affordable for our clients. We moved quickly to package and submit the applications, ensuring we had the best chance of obtaining mortgage offers within the required time-frames. We worked closely with the selected lenders to obtain the offers in under a week! This left sufficient time for solicitors to complete their conveyancing and prepare to exchange contracts. Had our client persisted with their own bank, they would have still been waiting for an appointment in the time it took for the offers to be produced. Thankfully the clients have now completed and are delighted they will spend Christmas in their new home.
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