What’s been happening in March?
The goal of ESG is to ensure that a company doesn’t just focus on their profit margin, but also the impact they have on society as a whole. It fits perfectly with the ethos of our company too. Businesses and financial companies have a crucial role to play in helping the major economic, social, and environmental issues that are facing the UK today, especially as we come out of the Covid pandemic.
A rich recognition for Kate, who was totally surprised by the award, but wholly delighted as were the team!
Mansfield, Natwest, Chorley, Fleet, Bank of Ireland, Santander, Platform, Accord, Liverpool Victoria, British Friendly, and Key Group.
Kate herself was treated to a day out from Santander watching the Cheltenham Gold Cup. Santander host this event annually in Edgbaston and it’s one that Kate ensures she is always available for as it’s such a great day.
We wonder if she placed any bets or shouted herself “horse” with the excitement?
Kate’s (Sharon’s) case of the month
For this month it’s one of Sharon’s cases. Sharon is a broker who covers both the Redditch and Kings Norton office.
We were contacted by clients who had already seen another broker elsewhere, and their application had been declined by a mainstream lender, and they were told to try again in 6 months’ time.
They were recommended to us and Sharon could see that they needed a particular type of lender that offered a more human and less automated approach to lending. Often, lenders such as the smaller building societies for example, can offer a more flexible, human approach.
After the application was submitted the underwriter contacted Sharon personally to discuss the case, and explain that there was a credit default from 3 years before. Their approach was more to check the credit rating than use a score only. Sharon was able to check with the client and explain that it was a one off life event that had caused the blip in credit history, and there was a genuine reason behind it. The underwriter has taken this into consideration and the application has not only been approved, but with a wonderfully competitive interest rate.
Please do not give up if something similar has happened to you. All of our brokers have access to a wide range of lenders from mainstream, smaller building societies, to specialist ones. They are all experienced in knowing which lenders are going to be most suitable for a case, and Sharon was spot on with this and chose a lender that was able to have a flexible approach.
More about March
As we mentioned before, the spring clock change and lighter nights usually means more time for viewings so greater traction begins in the property market. If you are looking at buying for the first time or moving, speak to us first and we can arrange an Agreement in Principle for you which you will need when making an offer. We can work out what offer you would be able to accept on your property, how much moving will cost, and what your new monthly mortgage payments might be.
Have you had a protection quote from us recently? Did you know that your quote will go up in price automatically on your next birthday? Try and get back to us as soon as possible and we can get these in place for you before any increases happen. More about protection in our May blog!
March saw another unexpected rise with the Bank of England Interest rate. Our advice is do not panic. Call us if you are worried or need a chat. Don’t feel like you have had all your appointments and that’s it. If you need a further chat or reassurance, please call and we can book you in with the broker for a catch up on your case.
End of tax year is here on 5th April – this is a really important date for a lot of our clients especially those that are self-employed. We would recommend that anyone who is self-employed and finalising their accounts and will be looking at a mortgage this year, book an appointment and we can liaise with your accountants for you to ensure we have exactly what is needed for your application, to avoid any delays.
Kate’s final thoughts
The final thought I will leave you with this month is around specialist providers. Sometimes in the past our advice has been sit tight and wait, because that’s the best thing to do. Sometimes we haven’t been able to help clients because lender deals weren’t easily accessible with attractive products for the types of challenges our clients have had.
We are dealing with more niche/specialist lenders than ever before, and they are adapting their criteria to meet the challenges that some clients face. You may not be familiar with the name of the lender, but please do not let this put you off just because they are not mainstream.
For example, we have lenders who just offer buy to let mortgages. Maybe you are one of our older clients who took out a mortgage on your home that is interest only, and are worrying about what to do when your term comes to and end?Call us for a chat and we can more than likely help with a specialist lender.
Catch up with you in May
01527 864 222
Prospect House, Church Green West, Redditch, B97 4DJ
Redditch Mortgage Advice is a trading name of McTernan Financial Ltd who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Ltd. Advance Mortgage Funding Ltd is authorised and regulated by the Financial Conduct Authority.
Registered Office: 8 Church Green East, Redditch, B98 8BP. Registered in England and Wales. Company number: 09168296.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.