Every week we have clients that have been let down by their previous brokers or don’t know where to turn for help. Complex cases are our speciality, and we love to help find a solution!
This week we took on a case whereby our clients had solely benefit income and wanted to release some equity from their current property to do home improvements as they have children who have additional needs. Several lenders don’t like benefit only income due to the sustainability of it- children grown up and leave home, circumstances change and therefore it is difficult to confirm what will happen if the benefit entitlement changes.
Our case looked as follows:
Income Sources:
- Child Benefit
- Universal Credit
- Personal Independence Payments
- Disability Living Allowance for 2 of the 3 dependent children
- Carer’s Allowance
Debt:
- Current mortgage – approx. £155,000
- Small loan- £160 per month
- Credit Card- £2500
Ultimate Goal:
Release funds to allow for home improvements and a possible motor home purchase as the children are home educated due to their additional needs which would allow them the opportunity as a family to explore the UK and enrich their children’s lives.
Solution:
We found a lender that would allow us to use benefit only income, provide free legal services and a free valuation to keep upfront costs low. Our client had their mortgage offer within 7 working days where two other brokers had let them down. This is a high street lender with a reasonable rate, and we have been able to change our clients lives for the better!
‘Thank you so much! I can’t believe it’s finally come through!!!’
Quote from our client upon receiving the offer.
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