Your Mortgage Plus Franchisee Overcomes Financial Hurdles
Elliott Fudge, writer
Published at 11/08/2021, Updated on 11/08/2021 , Reading time: 1 min
One Your Mortgage Plus broker recently completed a residential mortgage application, overcoming some unforeseen financial hurdles along the way.
One Your Mortgage Plus franchisee was recently approached by some first-time buyers looking to take out a mortgage on their first property. Having put down a deposit of £140,000, the couple had decided to approach the expert mortgage broker franchise for help with a loan to cover the rest of the property’s value.
However, after having approached one high street bank for a mortgage, they were surprised to discover their application had been denied. As the couple were both self-employed and working for successful businesses, this decision came as a surprise to both them, and the mortgage broker.
The adviser decided to reach out to the lender’s Business Development Manager, who confirmed that the application should have been accepted, but that the final decision of the underwriters had been to decline the application.
On closer examination, the broker realised that the application had been denied due to a recent change in employment status. This change, however, was only the result of a re-organisation in the business’ hierarchy, making the decision all the more disappointing.
After clarifying the issue, the broker decided to look for alternative lenders. After assessing options for both prime and subprime loans, the adviser settled on Kensington who, after checks and verifications, accepted the mortgage application.
For their persistence, the adviser in question earnt £2,000 in commissions, while the customers have now moved into their new home. With one eye on potentially renting property, the couple are even considering arranging further finance through Your Mortgage Plus in the future.
If you have an interest in working in the mortgage industry and want to provide the same expertise and rewarding customer service as the broker mentioned above, you can see more about the franchise by clicking on the profile page listed above.
Elliott Fudge, writer