I was thrown a challenge last week (as someone who likes to speak to clients who say "I can't get a mortgage because...") by a dad trying to get his daughter and soon to be son in law (STBSIL) a re-mortgage off of an interest only Student Mortgage at 5.5% on to a more sensible rate. The problem was that his daughter was already 4 months into a 12 monthh contract in her first job (no prior work or contracting experience) and the STBSIL was a Canadian citizen with less than 2 years remaining on his Visa!! And to make matters worse the dad had already spoken to 2 other Mortgage brokers. One had said it can't be done and the other had offered them a rate of 4.5%!
Thinking that I may have to ski very far off piste to accomodate this one I commenced my research from the ground up considering all the lenders that would accept their unique, and somewhat risky (in the eyes of a lender) situations.
However, it only took me a few calls to discover I would not have to ski off piste at all (I could stay in the nursery slopes in fact!) as Natwest would lend to them on a 2 year fixed at 1.65%. I now have a very happy father, daughter and STBSIL as I have managed to save £500 per month toward their wedding next year. I am just awaiting my invite!!
This just goes to show that some Brokers just don't do enough research to justify their fee!
I have never yet had a client that a lender will not lend to.