Clever Lending, the specialist master broker, helped a customer to settle impending tax liabilities from the HMRC with a second charge mortgage, despite the customer being self-employed and requiring the loan as a sole applicant although they were married.
The case was referred by a broker who was authorised to provide advice, but the broker agreed Clever’s expertise in second charge mortgages meant that it was quicker and more efficient for Clever to offer the advice required.
At the time of the approach to Clever, the broker couldn’t find a lender to provide a second charge loan as the customer circumstances were a little unusual. The customer’s husband was living abroad and had never appeared on the UK electoral roll, so Clever were able to determine he didn’t have an interest in the property. Also, the customer wanted to apply as a sole applicant for the loan despite being married, which lenders don’t normally provide for in their criteria. However, Clever found a lender, Step One Finance, who would look at the case on this basis.
As the month end deadline approached Clever moved quickly to get all the required documents together which included a full valuation report, consent from the first charge lender, full accountant’s reference and other supporting documents.
The term of the second charge was 15 years on a 3 bed semi-detached property valued at £870,000.
Sam Kirtikar, managing director at Clever Lending, said: “This was a very complicated case and highlights a number of benefits of using a master broker for specialist cases. Not only did we offer expert advice, even though the broker was qualified to do so, we also sourced a lender from our extensive, specialist panel. Our expertise also stretched to looking closely at the customer’s circumstances and understanding that despite being married the loan was to be in sole name. This is an unusual situation but we found a way, much to the delight of the customer.”
Martin Porter, Head of Lending at Step One praised the way the application was initially presented and subsequently packaged by Clever Lending: “On being given the full facts of the case we were able to make a sensible decision in the knowledge that the application, despite being outside our normal guidelines, was a great solution for the customer.
“By working closely with Clever we were able to process a fairly complex application to completion in a relatively short period of time. The experience shows the benefits of using a master broker such as Clever, working together with a sensible and flexible lender such as Step One to offer second charge solutions to what are perceived to be problem cases.”
The broker who introduced the case to Clever commented: “Our client needed to raise funds urgently to pay her tax bill. We had recently raised the maximum possible mortgage on her new residence, so there was no option to borrow more. We therefore had to consider second charge borrowing. As we don’t arrange second charge loans, we turned to Clever Lending for help and assistance. This was one of the best decisions I have ever made! They took over the whole case and liaised directly with the client, but keeping me in the loop at all times. The whole case was handled very promptly and professionally, and the client’s deadline for the funds was easily met. I would definitely use them again and strongly recommend Clever Lending to all brokers.”
"This was a very complicated case and highlights a number of benefits of using a master broker for specialist cases. "
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