Application to Offer in 2 Working Days for Non Standard Property

The Scenario

Our client faced a critical situation when their original mortgage offer with a high-street lender was revoked just two weeks before their completion date:

• The property was identified as pre-1900s with a timber frame construction
• But this non-standard construction aspect was only flagged by the solicitor after the bank had initially offered, despite it being identified in the survey months prior
• The construction type fell outside the bank’s lending policy, and they immediately revoked their decision
• However, our client had already exchanged contracts and was due to complete in two week’s time, creating an urgent time pressure

Needless to say, our client felt letdown and frustrated by the mortgage process, and came to us for a fast, no-nonsense solution.

The Solution

For this case, we focused on speed and efficiency.

After clearing up some technicalities on the call, the adviser was able to submit a new application to a different lender on the very same day as the call.

A lender that was:

• Known for their rapid processing times
• More flexible with their lending criteria for non-standard properties
• Typically able to complete automatic valuations even for timber-frame properties (significantly speeding up the process)

Our client was delighted, and it stresses the importance of having access to multiple lending solutions and understanding each lender's strengths in the market – no two lenders are the same.

When time is critical, knowing which one can both accept the case and process it quickly can make the difference between a successful completion and a costly failed transaction.