How we got Kevin's mortgage approved!
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I lived in my first property alone up until my parents separated. Since I had plenty of space, it made sense for my mum to move in with me and get settled, but after a few years, it felt right to gently cut the apron strings and live apart.
This is where the broker shone, they quickly set up a deal with another lender for the buy to let and that went through easily, meaning we didn’t lose any time or sleep in the process!
I previously worked as a carpenter until I had an accident at work. This led to compensation, which gave me a healthy amount of equity in my current home. It got a bit difficult to continue working with timber day in day out, so I’ve since retrained as an IT systems engineer. Don’t feel too sorry for me, though. I earn a decent living and the compensation opened up more options for how we can have our own space.
I’d done a lot of research
And the best solution was to have my mum live in my current home on a buy-to-let basis and for me to purchase a new property for myself. Of course, because she’s a close relative, I needed to apply for a regulated buy-to-let mortgage, which just means there are slightly tighter guidelines imposed by the FCA.
That said, because of these regulations it’s not as straightforward as the average buy-to-let, so I sought professional advice on my mortgage. While researching my next move I’d seen Online Mortgage Advisor, their positive reviews gave me the confidence to enquire with them.
It was a while ago but I still remember the broker getting in touch really quickly. They understood the situation and what we needed to get both mortgages over the line, and kept me up to date with the options available. Originally we’d planned to get both mortgages with the same lender just for ease, but after some back and forth, the lender decided they would only offer a mortgage to buy my new home, not the regulated buy to let for mum. This is where the broker shone, they quickly set up a deal with another lender for the buy to let and that went through easily, meaning we didn’t lose any time or sleep in the process!
I’d done a lot of research and the best solution was to have my mum live in my current home on a buy-to-let basis and for me to purchase a new property for myself.
Carpentry is like riding a bike; you never forget, so despite my new property needing refurbishment, that was no hardship for me. But most importantly mum got a home to herself, which she deserves, and I’m so glad I could help her with it. My situation needed the quick actions and expertise of a broker and that’s exactly what I got.