My customers wanted to get a new kitchen and convert the loft space to renovate their home. A joint mortgage was charged against the property. Mr Client had just started a new job that month and Mrs Client was working a temporary contract and wasn't sure if it was going to be renewed.
Discussing different options was important because the clients were figuring out the best arrangements for funding the house renovation and getting the best nursery placement for their son.
We addressed concerns regarding whether the additional borrowing would be affordable and whether a lender would lend with limited employment history and proof of income.
An existing life insurance policy was already in place for the current mortgage, but, wasn't enough to cover the additional borrowing and didn't cover both Mr and Mrs client.
We discussed which lenders were prepared to lend, taking into account affordability and the employment history and proof of income that was available.
A limited number of lender's were prepared to lend a sufficient amount due to the uncertainty regarding future income and limited income evidence for Mr Client's new job, but, the lenders that could help had some of the most competitive deals in the market.
We discussed the affordability of taking additional borrowing when future income and working arrangements where not known and I advised which was the right lender and product.
My recommendation helped give my clients a flexible arrangement regarding affordability and security about future mortgage payments. We reviewed the life insurance and made better arrangements for ensuring the mortgage could be repaid in case of death, accidents and sickness.
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