Client Review #67 – Mortgage in Tied Accommodation
The first time round Jennifer and her partner were in a pretty straightforward situation, they both had good jobs, had a good clean credit history and had saved up a nice deposit for their first purchase together. However, when it came to reviewing their mortgage a couple of years down the line their circumstances had changed and they assumed that their only options would be expensive…
Jennifer’s employer had offered them accommodation as part of her employment package, so the house they bought to originally live in was now being let out under a ‘Consent to Let’ from their existing lender and this was running out. I wrote to them as a matter of course as their Fixed Rate period was coming to an end and unless I came up with an option they would see their monthly payments rise as a result of going onto the lender’s Standard Variable Rate. Having already helped numerous HM Forces clients I knew what would do the trick, and that would be to find a lender that would allow the remortgage at a residential rate on the understanding that the property would be let in the short term before they moved back into it. It turned out that there are a number of lenders that will allow Forces Personnel to do this, but my research led me to only a single lender that would allow it for a school employee!
I’m pleased to say that their remortgage completed recently having secured a residential rate with minimal set-up costs, and here’s what Jennifer had to say:
I have been absolutely delighted with the service from Rosemount Mortgage Planning. So far we have used their services twice. The first time was straightforward, they got us a mortgage when we lived in our mortgaged house but when we moved out 3 monthly later, things were more complicated. I started work in a boarding school and they provide accommodation for me. So we re-mortgaged and had our property rented out. The other mortgage company we were with said we had to get a buy to let mortgage, that we couldn’t have a consent to let. But Rosemount Mortgage Planning did find us a consent to let mortgage which the other company said couldn’t be done. Firstly Rosemount Mortgage Planning has gone way above and beyond what other mortgage planners do as it really looked like we couldn’t get a consent to let and had to have a buy to let; Secondly they have just been really helpful in everything, finding any details we requested for more information about something, and were very good at replying. I really couldn’t be any happier or more grateful with the services we received.
If you or someone you know finds themselves in an unusual situation and needs a bit of extra guidance please contact us to see how we can help.
To see more of our Client Testimonials on The Best of Bath please click on the link: http://www.thebestof.co.uk/local/bath/business-guide/feature/rosemount-mortgage-planning
Andrew Pratt – Rosemount Mortgage Planning, Bath