Chris Skipper
Mortgage and Insurance Adviser
As a dad of two, I know how important it is for a family home to have room to grow. I also know how hard it is to run a household in the current financial climate, never mind upsize to a larger property. In this blog, I explain how I helped a family secure a mortgage for their next big move.
The Clients
Tom and Fiona* got in touch as they were looking to move from their three bedroom semi-detached house to a larger four bedroom detached property. They had two children, aged three and one, and with the fast-growing family, they were beginning to burst at the seams in their current property.
How We Helped
Our first appointment: I met with Tom and Fiona to understand their situation and how I could best help.
They loved the village they lived in and were reluctant to move elsewhere in order to find a larger property. The good news was that they had found their dream home and it fitted the bill in every way possible: four larger bedrooms, in the village community they had already become a part of, a garden and a garage.
However, with the children being so young and both parents in full-time employment, the childcare costs were significant and weighing heavy on their monthly outgoings.
Waiting a couple of years for some of their childcare costs to reduce in order to move was not an option and they were desperate to seal a move on the house they had found before it was snapped up by somebody else.
This house was THE ONE!
Tom and Fiona had tried and failed to find a lender who would lend them enough money for the purchase. They had been knocked back from several lenders as they failed affordability checks due in large part to their sizable childcare costs.
I could tell that these clients were anxious that they might not be able to find a solution, as they were confident that they had tried their hardest to find a mortgage before picking up the phone to us.
I reassured them that while I could not guarantee them anything, if there was a solution out there for them that I would find it. They were grateful for the initial advice and reassurance I gave them.
My research: I swiftly got to work utilising my knowledge and expertise from previous similar situations and current market conditions. As a part of an established mortgage brokerage with access to over 65 lenders, I was able to locate mortgage options that the clients wouldn’t have been able to find independently.
Using the technology, connections and expertise at my disposal, I found the clients not one but two lenders who would lend them the required amount. I then secured a Decision in Principle with the best priced of the two lenders for the clients to be able to show to their estate agents and make an offer on the house, safe in the knowledge that they could raise the mortgage required.
Top Tip
A Decision in Principle (DiP) is an indication of whether a mortgage lender will lend to you after assessing your credit history and affordability. However, bear in mind it’s only when a lender has valued a property, fully assessed an application and the documentation that you’ll be fully confident it will be successful.
The Outcome: I’m delighted to say that the offer was accepted, the mortgage completed and the family moved into their dream home, which will see their family flourish for the largest period of their children’s young lives. The kids now have a bedroom each, Tom has his own office which he does not have to share with his eldest child’s bed and toys, Fiona has plenty of room for her gym equipment in their new garage and all the family are loving the new spacious garden and barbecue area.
What Helping These Clients Means To Me
Making the difference in a family’s life is the favourite part of my job. It gives me enormous satisfaction to help clients such as Tom and Fiona move on to their next step, especially when they were starting to lose hope it would be possible.
To be able to give this lovely family the perfect home to write their next chapter in is such a privilege for me, and I relish being able to achieve this for plenty of clients to come in the future.
*Not their real names. This is a real case study, but using fictional names to protect client confidentiality.
