Lorna Black, Your Mortgage Plus’s first Scottish advisor, has recently had an acceptance on a case for a contractor looking to purchase a new home that, in the words of Skipton Building Society’s Business Development Manager (BDM) Aidan Walker, “sailed through”.
Some initial illustrations were drawn up in the lead up to the request being processed, some of which were sent to alternative lenders to test their appetite and get a feel for the market at present. Ultimately though, Lorna came back around to Skipton, who was her initial choice, as they had a better day rate multiplier, which is the formula used to approximate the earnings of contractors and freelancers who do not have set salaries or wages.
In addition to this, Lorna has spent a lot of time communicating with Aidan who was very helpful, providing a lot of support and guidance during the submission process which allowed them to develop a good relationship, giving Lorna a better understanding of the criteria and the flexibility of Skipton’s products, making her confident the case would be accepted.
To this end, Lorna stresses the importance of having good relationships with lender BDM’s, as in some cases this can make or break an application being accepted. This was particularly clear in this case, as the client in question had a history of adverse credit, a factor which could normally be a potential sticking point in some applications. Subsequent from final illustration being submitted, the offer was put forward from Skipton within 48 hours, an incredibly quick turn around and one that was enabled by the strong channels of communication between Lorna and Aidan.
Unfortunately, despite the very quick offer being released, the buyer of the client’s current address pulled out, one and a half hours after the client’s mortgage application got accepted, forcing the case to be put on pause as the client waits to identify a new buyer for their property before than can move into their new home. Fortunately, in this case Skipton have given a 6 months’ time frame from the initial offer before it expires, so fingers are crossed hoping the client can find another buyer.