Case Study –Secured Mortgage Offer Extension Outside of Policy

Property Value	£735,000
Loan Amount	£626,000
Location	Islington
LTV	85%
Achieved Rate	4.40%
Completed	January 2023

The Client

The clients were in the market for their first property. We had previously helped them secure an approved application for a different property and made an offer. However, during the property survey, unexpected issues arose, and they decided not to proceed with the purchase. Despite securing a favourable rate based on the Loan-to-Value ratio, the lender’s policy prevented them from transferring this rate to a new property. As a result, the rates presented for the new property were 1.5% higher than their previous rate.

A young couple with a mortgage adviser looking at a laptop

The Solution

We successfully initiated discussions with the head of credit risk, enabling us to negotiate not only the option to modify the offer for the new property but also to secure a second complimentary valuation. Additionally, we obtained a one-week extension on the offer, providing our clients with the opportunity to acquire a property they loved.

The Henry Dannell Difference

We initially faced a refusal from the standard team when requesting an exception outside the established policy. Nonetheless, drawing upon our contacts in the credit risk department, we appealed for their assistance and conveyed to them that the client bore no responsibility for the situation and would have proceeded with the other property if not for the unforeseen defects. Through leveraging our well-established relationship with the bank, we were able to successfully secure the required outcome for our client.