Customer Profi les DEBRA WANTS TO DOWNSIZE
Debra went through a diffi cult divorce 18 months ago which resulted in two months of mortgage arrears and two minor defaults being recorded. She was able to clear the mortgage arrears about six months ago and her fi nances are back on an even keel. Debra wants to move house in order to downsize, her affordability is good but the erratic nature of her budgets following the divorce has left her with a credit profi le which the high street lenders won’t look at.
Debra’s fi nancial situation has stabilised and over the last six months her credit fi le is clear of problems. She has a good income which we have verifi ed and she has passed our affordability tests. We will accept cases that have up to three missed mortgage payments in the last three years and we have a number of products for Debra to choose from including both trackers and fi xed rate deals.
EMILY WANTS TO REDUCE HER MONTHLY CREDIT CARD PAYMENTS
Emily is a teacher and like many people got sucked in by all the interest free credit card promotions that were going on in the boom time. The interest rate has been going up despite Bank of England Base Rate being historically low and now the payments are starting to become unmanageable, in fact she has quite a few late payments on her record and one of the banks defaulted her loan agreement six months ago. If she doesn’t do something about her fi nances things are likely to get worse. On the advice of her IFA she has decided to consolidate her expensive credit card payments into her mortgage but none of the high street banks will look at her.
Precise Mortgages will be able to help Emily sort out her problems. We will accept the case even though there are missed payments and a default because she has managed her fi nances well for the last few months and has very good income. Our fi xed rate is much more affordable than the credit card rate and at the end of the fi xed period she can pay off the extra borrowing and if she has cured her credit profi le she can remortgage to a cheaper deal.
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