They have their current mortgage with Nationwide which is on the SVR of 3.99% so are naturally paying over the odds. Like most clients will automatically return to their existing lender and not comparing the market. Nationwide declined on affordability. They didn’t even offer them to reduce the LTV to obtain the clients a better rate. The Lender agreed in principle and then later declined at application; which resulted in the clients and whole chain in a panic.
What We Did
The Client was looking for £120,000 originally and I managed to obtain them £135,400 based on affordability with another Lender.
I also managed to save them £2,520 on interest and got them £500 cashback to more than cover my fee of £395.