This client came to me regarding a new build property that had already exchanged, however, he had no lender and needed to complete within 2 and a half weeks. Having already approached and been turned away by numerous lenders, with the only remaining offers resulting in a £100,000 gap, my client was expecting at least a 6 to 8 week wait before he would be able to complete – if at all.
Understandably, my client was in need of some help, as his affordability also created some issues. His earned income was made up of a salary, bonuses and vested stock, which was all in US dollars. Most lenders are unwilling to accept vested stock as the customer is essentially locked in and doesn’t yet have the ability to sell for cash.
Equally, the fact it was in dollars caused some issues, as many lenders pulled out of the foreign currency market altogether since the Mortgage Credit Directive (MCD), where tougher lending rules for foreign currency mortgages meant greater risk and admin for lenders.
However, accepting the stock was make or break for this deal to happen, so we required a lender willing to take the extra income and move extremely quickly.
Along with this, my client also had 3 children, which automatically makes it harder to secure finance due to the additional expense that comes with having children.
Luckily, I was able to source a private bank more tailored to accepting complex cases, and arranged a meeting with the client straight away. The lender was happy to accept my client’s case, completing and approving the offer subject to valuation, which is pretty much unheard of.
This allowed the solicitor to complete all the legal work with the offer, before the valuation came back, where we would then be ready to complete immediately.
I was able to secure an offer subject to valuation, which is almost impossible in the mortgage world, which completed within 2 and a half weeks. This meant my client was also able to avoid being charged extra delayed-completion fees, all on a fixed rate of just 2%.