Manchester Mortgages contacted one of our existing clients in Prestwich to review their current arrangements as their fixed rate was due to expire. What were their options? Could they remortgage?
Since the last mortgage review our clients had welcomed twin Girls to their family. Their existing mortgage with NatWest was due to end and Mortgage payments were due to increase.
They already had two children and their current house was not big enough so they were faced with either moving home or extending their exiting property.
The area that our clients currently lived in and where they wished to remain, moving home was not possible due to the price of the houses they would need for their family home.
As the twins were just 4 months old one of our clients was on maternity leave and only in receipt of Statutory Maternity Pay so income was reduced.
It was decided that they would add a two story extension to the property to provide two further bedrooms and more living space at a reduced cost than if they were to move Home. As one of our clients was on maternity leave the new lender would take her back to work income as a doctor in the NHS into account along with her partners income who also worked in the NHS as a Doctor.
All the paperwork was taken care of by Manchester Mortgages on behalf of our clients and a new five year fixed rate with the Halifax was arranged. As the new borrowing was substantially more our clients were able to extend their mortgage term so that it met their affordability now whilst the children were still young and our clients had child care costs.
Our clients now have a much bigger family home which they will continue to live in for the foreseeable future. They have the certainty for the next five years what their mortgage payments will be for budgeting purposes whilst they are at their most financially exposed.
As they has two new additions to the family Manchester Mortgages were able to provide additional life assurance to protect the new mortgage balance and provide protection for the family.
Manchester Mortgages ensured that the lender recommended would be able to offer additional funds in the future (if required).
Contact Manchester Mortgages on 0161 706 0242 or email firstname.lastname@example.org to discuss your remortgage / mortgage requirements to see if we can help You.