Are you aware of the different mortgage options available for your specific circumstances? Having the usual credentials, such as a good credit history, satisfactory income or a substantial deposit, does not necessarily guarantee you a successful application. This was true of the situation demonstrated in the case study below until AEON managed to help. Read on to find out how.
|The problem:||Your mortgage is declined!|
|The benefit:||Successfully arranging funding for your property|
|Suitable for:||People with ‘non-standard’ circumstances|
John and Jane approached AEON after they had been refused a mortgage by three High Street lenders for a new house purchase.
They had a 10% deposit, a good credit history and their income was appropriate for the amount they wished to borrow. However, a couple of years ago, John and Jane had been forced to relocate from their first home because of redundancy. The value of their house had dropped so rather than selling the property, they had decided to rent it out. The house had been let throughout this period, with the lender’s consent, and the rental income had more than covered the mortgage payments.
Although the let property had surplus equity and contributed to John and Jane’s income, the High Street lenders deemed it to be an additional risk. Even their own bank and existing mortgage lender felt this way, despite being able to see a perfect payment history!
Once AEON became involved we were able to research the whole of the mortgage market. Although there were a reduced number of options available to John and Jane, we were successful in finding a suitable lender and liaised with them throughout the application to ensure a smooth completion.
Moreover, on the day they moved, AEON sent John and Jane a bouquet of flowers as a welcome to their new home!