What’s been happening in April?
Kate, Gem and the mortgage advisors also spent a day of learning at HSBC UK HQ in Birmingham. It was such a fantastic setting and they were really well looked after and spoilt with great hospitality. As well as all of the learning, there was an opportunity to catch up with other advisors and lenders they hadn’t seen for ages and meet new peers. Great fun day had by all!
It’s been a busy year for our Director Kate.
After opening a second office in Kings Norton last May, she proceeded to tell the office she had put an offer in on a new house last summer, and after a stressful few months, and a challenging chain, has finally exchanged and moved during one of the most difficult mortgage times.
Congratulations Kate on your new home! So, is it time for Kate to rest now? Knowing Kate probably not as she will be looking for the next project!
Kate’s (Louise’s) case of the month
For April it’s one of Louise’s cases. Louise is a Mortgage and Protection Specialist who works in the Kings Norton office.
Louise had a meeting with her clients who were a couple wanting to buy their first property together. They had contacted us via our Birmingham Mortgage Advice website and were looking for advice on where to begin.
The property they had set their sights on was a 2 bedroomed flat. Flats come with their own quirks with regards to mortgages. For example, they are practically all leasehold, so the lenders will assess things like how many years are left on a lease, and usually require further documentation with regards to the property, before making a mortgage offer. If you are considering buying a flat, your mortgage lender may ask to see the buildings EWS1 form. This was introduced in 2018 to check external wall systems are properly assessed for fire safety, in the wake of the Grenfell Tower Fire. This is where the challenges lay for Louise in this particular case.
Louise had found a mortgage for her clients, however the lender would not accept the signatory on the EWS1 form and covering letter. Louise and Yas persevered with the lender and they would not accept the letter that the couple provided.
Louise proceeded with the case determined to find a lender who would accept the form and letter as it was and tried more than 10. Yes 10.
Finally, she found a lender who was happy to accept the documentation the couple had provided, with one of our specialist lenders, and still with a competitive rate.
Just because the door has been closed with one, or even ten in this case, we can always look into other options.
Sometimes you may wonder what are the benefits of a mortgage specialist?
If it wasn’t for Louise’s knowledge, and the access she had to such a wide range of lenders, it could have been a very different story for these first-time buyers.
What’s Coming Up?
There is another Bank of England update regarding rates on 11th May. As always keep an eye on our active and regular social media posts and there we should be able to confirm how the news may affect your mortgage.
We will all be watching eagerly when King Charles is coronated. Khloe, one of our admin girls, was lucky enough to be at Windsor Castle last week and caught a glimpse of King Charles rehearsing for the big day.
We are opening both of our offices on all of the Bank Holiday Saturdays, so if you are staying at home and having a mortgage or protection chat is on your to do list, then contact us. We are closed on the Bank Holiday Mondays.
Kate’s final thought
We have had a really good focus in April on refreshing our knowledge with regards to Protection, and most of our training has been around this. I have so much to say about the importance of this but will try and keep it short!
When we say Protection we mean cover such as Life Insurance, Critical Illness Cover, Income Protection, and Family Income Protection. All of our mortgage specialists are trained in Protection advising and will encourage you to book a follow up appointment with them after you have had a mortgage chat. This could be because you have no existing cover, or to review any changes that may affect your current cover.
However please don’t wait for your mortgage to come to an end if something has changed; contact us and we can review what you have and check if it is sufficient. We happily do Protection only appointments.
Protection isn’t one size fits all.
We tailor-make your cover to fit your situation and budget, which is why we recommend you review this every 12 months, as life is always changing and throwing curveballs, and insurers change their policies over time so there may well be something more suitable for your situation.
When you are ready, we can then put the policy you choose in place. There is no obligation to take us up on any of the covers we recommend, but please be rest assured, as with mortgages, we have access to a wide range of providers, so can provide you with quotations for you to review within your budget.
We recommend that you don’t wait for your mortgage to complete to start the process off, but do this at the same time, so all of the work is done, and any extra bits like medical details that you may need to request from a GP can be done without causing delays. Then when your mortgage is complete, we can put the policy in place.
The chat we have about Protection is probably not as exciting as your mortgage; it doesn’t involve buying a dream home, or maybe taking out extra on your re-mortgage for a dream garage conversion. However, it is just as and if not more important, as it’s protecting you and your family for the worst-case scenario which could completely ruin the dream.
Catch up in June
100 The Green, Kings Norton, Birmingham, B38 8RS
Birmingham Mortgage Advice is a trading name of McTernan Financial Ltd who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Ltd. Advance Mortgage Funding Ltd is authorised and regulated by the Financial Conduct Authority.
Registered Office: 8 Church Green East, Redditch, B98 8BP. Registered in England and Wales. Company number: 09168296.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.