We are thrilled to share a recent success story for an employee benefitting from Henry Dannell’s staff mortgage scheme. Our client, who was navigating the complex process of buying a new home while still owning their current property, achieved significant savings on their monthly mortgage payments thanks to our personalised approach.
It all started with a mortgage surgery consultation, a benefit offered through the staff mortgage scheme. The client booked an appointment to discuss their situation and explore options for purchasing their dream home.
What were the next steps?
During the consultation at our client’s London workplace, we first gained a clear understanding of their goals and financial profile. This included their income, existing mortgage debt, and long-term plans. Based on this information, we promptly provided a range of mortgage solutions tailored to their unique circumstances and requirements.
Exploring the Options
For many clients, the solution may not always be straightforward. In this case, the client’s situation was more complex due to the uncertainty surrounding the final sale price of their current home. To address this, we explored a range of loan-to-value (LTV) options, allowing them to put down a smaller deposit initially. We also presented various mortgage choices, including fixed rates for different durations, tracker mortgages, and both full repayment and interest-only options (where you only repay the interest on the loan, not the capital). This comprehensive approach ensured they had all the information needed to make an informed decision.
However, an additional challenge arose – not all lenders allow joint mortgages with a background residential property. Fortunately, due to our extensive access and relationships with lenders, we were able to secure suitable options for our clients.
Overcoming Market Fluctuations
The market added another hurdle with five interest rate drops throughout the application process. To ensure the best possible rate for our client, we closely monitored the market daily, keeping them informed and updating their application with each fluctuation. This resulted in a substantial saving of £577.70 per month compared to their initial rate.
Going Beyond the Mortgage
Our client care extends beyond just securing a mortgage. We ensure every detail is addressed and provide regular updates throughout the application process. In this case, our proactive support helped the client avoid potential delays related to cladding issues with their existing property and resulted in substantial savings on their mortgage payments.
This case study exemplifies Henry Dannell’s commitment to providing a personalised and seamless experience for our clients. By understanding the intricacies of the client’s situation and the market, we were able to navigate complex challenges and deliver a mortgage solution that exceeded their expectations.
Buying a home while owning another can be complex. But with the right team by your side, navigating the process can become a smooth and stress-free experience. If you need support arranging a mortgage, or if you feel your company could benefit from offering a staff mortgage scheme like ours, please do not hesitate to contact our specialist team of advisers.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
