Where there’s a will, a Credit Adviser can find a way
There are many paths to successfully financing a property purchase. Recently, an expert finance broker helped a young couple, who had nearly given up hope, realize their dream.
If at first you don’t succeed, ask more questions. That’s the motto of finance broker, who doesn’t let a history of refusals stand in the way of securing the right loan.
Recently, Jim and Jenny Stewart, who were keen to buy their first home but had had their loan application rejected twice already, were referred to him.
“They didn’t think they had a chance of getting the amount they wanted, and I wasn’t sure I could get them approval either, but I started asking questions,” says the finance broker.
“It’s not enough to gather only the information required to submit an application; it’s important finance brokers know what borrowers’ plans for the future are, whether they plan to renovate or rebuild, for example, and what their background is.”
He discovered, through his thorough work, that Jenny’s parents were open to the idea of a helping their daughter and her partner by acting as guarantor, using the equity in their own home.
“This started a whole new way of helping Jim and Jenny get the loan they required,” the finance broker says. “And there was another benefit that came out of this: it showed the parents that their own mortgage was not structured ideally for their financial situation.”
After discussions with both parties, he was able to organise a situation in which both the Stewart and Jenny’s parents got the results they wanted.
He recommends that any potential borrowers considering this kind of arrangement speak to an expert. With his knowledge of the industry and a wide range of lenders and products, Jim and Jenny’s property dreams were realized, and Jenny’s parents were able to restructure their own mortgage.
Just as importantly, both parties went into the arrangement with a thorough understanding of the conditions and exit strategies, so there are no surprises in store.
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