Imagine that we were contacted by a client looking for a mortgage adviser in Horsham to help them with a tricky mortgage situation. They lived in a Horsham-based property previously owned jointly with an ex-partner but following their breakup some years earlier, they hadn’t legally changed the mortgage agreement in order to avoid a hefty early-exit fee. Time had ticked along and while there had been an unspoken agreement that they would settle fairly once the fixed-term mortgage had expired, things didn’t quite go to plan.
Our hypothetical client was the one still living in the property and they were solely footing all of the mortgage repayments, all of the bills and all maintenance costs.
Flash forward a few years and the ex-partner decided they wanted their share of the property. Furthermore, they wanted it based on the current property value, not the property value when they moved out and ceased to make any contribution. Morals and ethics aside (that’s a job for the lawyers, not the mortgage advisers), this left our client in a sticky situation. In order to buy their ex-partner out of the property, a new mortgage would need to be secured.
Now, our client was perfectly able to pay their mortgage by themselves and had been doing so for years, but mortgage lenders were not necessarily going to see it that way. In reality, they were self-employed (generally trickier for mortgage purposes), owned a growing business and were more than comfortable. On paper, our client was a single occupant of a property with a single income that could be considered low when not factoring in directors’ loans, and the value of the business, for example, and their funds may not stretch far enough.
This is where we come in. As West Sussex mortgage advisers we help clients in all manner of complex situations to secure the best mortgage agreement possible so that they can stay in their home or buy a new one. We don’t want to see anyone forced to leave a property they love, particularly when we know they can afford to stay there and just need to find a mortgage company that will look at the full picture, rather than just the facts presented to them on paper.
We secure mortgages for clients (real as well as hypothetical) that may have previously struggled. If you are looking for a mortgage adviser in Horsham, West Sussex or elsewhere, please get in touch.
This article does not constitute financial advice and should not be construed as such.