Our client had failed an affordability assessment by a high street lender, having defaulted on existing credit by missing monthly payments.
The lender had been unable to get hold of the client to complete the security call. The client’s solicitor had concerns regarding the stamp duty and purchase price that he wanted to discuss with the lender. This was holding up completion. The lender’s credit search had expired. They had to run a new credit search – which was now showing new credit.
- We advised the client to repay the default and the case was submitted back to the lender
- We also advised the client to contact the lender directly to expedite the processing of the case
- The lender was able to confirm there was no issue with the purchase price so the solicitor was able to proceed with the case
- The client cleared her outstanding credit enabling her to move onto completion
- The client was happy as she secured a mortgage despite failing an affordability test
Loan amount: £165,000
Rates: 3.59% on 2 year fixed