​Applicant approached us late in 2022 needing help to remortgage a Help to Buy property and buy out a partner in a very complex, difficult & sensitive situation. Applicant had been to other brokers, but none were able to provide the confidence or solutions needed.

 

Applicant had a young family and was new to fostering, they were working full time with various income sources creating complexities from a lending perspective added to notable pressure from the partner being bought out, to complete this transaction in incredibly short time frames.

 

Applicants existing lender for the joint mortgage wouldn’t allow me (brokers) to get involved in mid-term changes (remove a party to the mortgage & raise additional funds) but the applicant had a very favourable rate & early repayment penalties for ending the mortgage early.  I advised the applicant that it was in their best interests to speak with the existing lender to see what options they could provide to keep the existing mortgage and avoid a higher rate and early repayment charges.  I offered to assist the applicant in the background where possible.  The applicant called their call centre who were less than helpful and ended up so frustrated she formalised a complaint. The applicant was then told to attend a branch to get 1:1 guidance. After discussions & branch meetings, each adviser at the current lender gave the applicant a different loan amount & no confidence that they could actually help. BFS supported the applicant and answered questions where the current lender advisers had failed to.  In the end the applicant felt they had no choice but to abandon their current lender in order to move forward.

 

Over the following months & weeks, circumstances for the applicant changed, different scenarios were considered including guarantor mortgages, family support and others.

 

Eventually circumstances had leaned in our favour, and we were able to secure a high street lender mortgage deal for the applicant which would allow them to complete the initial plan including raising funds to buy out the ex-partner.

 

Finally, we got the right deal and the right lender to achieve the goals! 🤞🏻and thankfully a ‘high street’ lender so no harsh interest rates!

 

After some backwards and forwards with solicitor paperwork & Help to Buy paperwork, this applicant has achieved their solo remortgage, bought out their ex-partner and kept the home for the applicant and their young family late in 2024.

 

Main difficulties presented…

 

• Complex family issues creating pressure & unpleasantry.

• Legal time restriction.

• Help to Buy re-mortgage with capital raising which few lenders will do

• Foster income not used in lender affordability (due to no long-term history of foster income) but foster child counted as a dependent for affordability reducing maximum lending on affordability basis.

• multiple income sources including fluctuating overtime – not all were acceptable to different lenders & some used different amounts.

• Current lender wouldn’t allow any broker involvement.

• Help to Buy rules on capital raising restricting our options.

• Student loan & company pension contributions affecting affordability with some lenders.

 

The final outcome has been truly heartwarming.  My client has been able to retain the family home, buy out the ex-partner and maintain stability and continuity for the family.

 

Applicant feedback:

 

“As you know, I am super disorganised and forgetful, so I have only just gotten around to sorting this!! But it’s to say such a massive thank you for getting me to where I needed to be, and working tirelessly to help me and the children keep our home. It means so much to us! We are so massively grateful for the advice, genuine care and all of the support you have given me over the past few years. You are amazing and deserve a massive treat! 🥰”