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November 9, 2023

Case Study: Complex remortgage application for homeowner offered in three weeks

Luke Stevenson Written by Luke Stevenson
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Explore our residential mortgage products here.

Location: Wales

Loan amount: £93,695

LTV: 62.46%

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This was a remortgage application for a currently unencumbered home in Wales. There was a complex series of goals of this mortgage: 

  • Raise capital to repay applicant 1’s existing mortgage
  • Consolidate debts 
  • Buying out a third party.

At the end of this process both applicants would be on the title for the property. 

Due to the property being located next to a pub and the applicant’s history of defaults and missed payments, they may have been out of criteria for other lenders.

However, due to our flexible credit tiering of the applicants on the credit file and property criteria, we were able to find a solution for them. 

Jordan Thompson, underwriter for the case said: 

“With a case like this one with a lot of moving parts and a degree of complexity, you’d expect it to drag and drag. However, through the technology in the application portal, we could use our electronic verification system and Open Banking to quickly evidence the applicant’s income and were able to offer with very few documents having been required from the broker.

“Crucially though in these circumstances, the relationship between myself and the broker, and their understanding of the customers, is what helped drive it through with a minimum amount of fuss despite the areas which might trip up a high street mortgage lender.”

Explore our residential mortgage products here.

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LendInvest Mortgages and LI Mortgages are registered trading names of LendInvest Loans Limited.

LendInvest Loans Limited is authorised and regulated by the Financial Conduct Authority

(FRN:737073).

LendInvest Loans Limited is a company registered in England & Wales (Company No. 09971600) and is a

wholly owned subsidiary of LendInvest plc.

Regulated lending is provided via LendInvest Loans Limited. Borrowing through LendInvest Loans Limited

involves entering into a regulated mortgage contract secured against property. Your property may be

repossessed if you do not repay your mortgage in full.

Tagged under:Borrow

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