CASE STUDY – Rescuing a First-Time Buyer’s Dream With A Time-Critical Mortgage Solution
Sometimes being a mortgage broker feels a bit like being a superhero, swooping in to save the day when everything seems to be falling apart! Here at Exe Mortgages, our superhero for this application was Emma Foley.
Our client, a first-time buyer, came to us feeling understandably stressed after nine months of what should have been a straightforward property purchase. With just one week until their scheduled completion date, they discovered their mortgage offer had expired, leaving them without the funds needed to proceed and putting an entire four-property chain at risk.
The situation had developed due to inadequate support from their previous broker. The client hadn’t been properly informed about mortgage offer expiration dates, and when renewal became necessary, their broker was unable to provide the assistance required. To make matters more challenging, the original broker had arranged a mortgage with a specialist lender at a significantly higher interest rate than necessary, suggesting limited familiarity with mainstream lender criteria.
The extended nine-month timeline had already tested everyone’s patience in the chain. Now, with completion imminent and no valid mortgage offer in place, three other families were also facing uncertainty about their own property transactions. The pressure to find a rapid solution was considerable, but the stakes made it absolutely essential.
With completion scheduled for the following week, we had a very narrow window to secure a new mortgage offer and ensure all documentation was in place. The situation required immediate action to prevent disappointment not just for our client, but for the other three families whose moves depended on this transaction completing successfully.
What became clear was how unsupported our client had felt throughout the process. Their previous broker’s inability to provide adequate guidance during this critical period highlighted the importance of working with an adviser who offers comprehensive support from initial application through to completion.
Recognising the urgency, we immediately implemented a focused action plan built around three key elements: efficient information gathering, expert lender selection, and careful application presentation.
The client began by utilising our secure client portal, which allowed them to upload all necessary documentation quickly and safely. This digital approach eliminated the typical delays associated with traditional document submission methods while ensuring their sensitive financial information remained fully protected.
Our extensive knowledge of lender criteria proved invaluable in identifying the right mortgage provider. Unlike the previous broker who had defaulted to a specialist lender, we recognised that the client’s circumstances were well-suited to mainstream high street lenders offering significantly more competitive rates.
The application preparation was also crucial to our success. Drawing on our experience, we structured the submission to highlight the client’s strengths whilst proactively addressing any potential concerns. This thorough preparation meant the underwriter had everything needed for a swift assessment, avoiding the delays that often result from missing information or follow-up queries.
As a result, our approach delivered excellent results. Within just over 48 hours of submission, we had secured a mortgage offer from a leading high street lender at a market-leading interest rate. The new mortgage was structured at 85% loan-to-value ratio, providing our client with terms that were substantially better than their original arrangement.
Achieving this result so quickly was particularly satisfying given the typical timeframes involved in mortgage applications. By leveraging our lender relationships, technical expertise, and streamlined processes, we compressed what usually takes weeks into just a couple of days without compromising on quality or thoroughness.
We created positive outcomes that extended well beyond our immediate client relationship. Most importantly, the client was able to proceed with their property purchase within the required timeframe, securing their first home and achieving a long-held goal. The improved mortgage terms also meant significant savings over the life of the loan compared to the original specialist lender arrangement.
Equally rewarding was knowing that the other three families in the property chain could complete their own transactions as planned. This demonstrated how expert mortgage advice can have positive implications that reach far beyond the individual client.
The experience also provided our client with valuable education about the mortgage process, ensuring they’ll be better prepared for future property transactions. Their feedback emphasized both their relief at the successful outcome and their appreciation for our clear communication and responsive service throughout what was obviously a stressful period.
Emma Foley, Mortgage & Protection Consultant
