SPECIALIST RESIDENTIAL MORTGAGE CASE STUDY OF THE YEAR

Higher income multiple requirement for a customer with adverse credit

Objective
The customer, a single applicant looking to make an onward purchase at a value of £240k, had a 20% deposit from the sale of their existing property.

Obstacle
Unfortunately, the customer had been through a run of bad luck where she faced some unexpected bills that led to missing 2 mortgage payments in the last 24 months. However the payments had been maintained for the last 6 months. In addition, the customer earned £35k p/a so needed a lender with a more generous income calculation.

Outcome
Brightstar were able to assist with a product that offered a 5 year fixed product on a rate of 5.14%, offering the customer stability at a time when base rate is rising. The lender stresses income slightly differently, hence the ability to borrow a little more than a mainstream lender could offer.

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