Client Requirement

Have you recently changed jobs and need extra funds for home improvements? If so, you're not alone. Many high-net-worth individuals face similar challenges, especially when their income stream has recently shifted.

Challenges

One common hurdle is demonstrating your income to lenders, particularly when you've recently switched jobs. Lenders often rely on consistent income to assess your affordability. However, if your new role offers a different salary structure or includes performance-based bonuses, it can complicate the process.

Solution

Recently, we worked with a client who faced this exact situation. They had recently changed jobs and needed additional funds for home improvements. The challenge was that their previous employer's bonus needed to be considered to accurately reflect their overall income.

To overcome this, we collaborated with a senior underwriter at the client's current lender. By working together, we were able to work with the lender to average the client's most recent bonuses from both their previous and current employers. Our innovative approach allowed the client to demonstrate sufficient income to secure the mortgage advance they needed.

If you're a high-net-worth individual considering a mortgage advance or remortgage after a job change, don't hesitate to seek expert advice. One of our skilled mortgage advisors can help you navigate complex financial situations and find tailored solutions to meet your specific needs.

Remember, even if your circumstances seem unique, there's often a way to achieve your financial goals.

Client requirements

A qualified mortgage broker can provide valuable guidance and support throughout the process of remortgaging. A remortgage that will repay your outstanding mortgage balance whilst increasing the borrowing to repay unsecured debt.  A well-executed credit repair strategy can significantly improve your monthly budget.

Challenges

In one particular case, our clients had a few late payments within the past three years and a substantial amount of unsecured debt. This combination of factors was hindering their ability secure their borrowing.

Solution 

Our team of experienced mortgage brokers are dedicated to helping you achieve your goals, even in the face of adverse credit. To address these challenges, we implement a strategic approach:

• Credit Report Analysis: We encouraged our clients to obtain their credit reports. This allowed us to gain a comprehensive understanding of their credit history, including any adverse entries and unsecured debt.
• Strategic Timing: We strategically timed our application for an Agreement in Principle. By waiting a couple of weeks from when the initial enquiry was. We ensured that the adverse conduct had gotten to a position where a cheaper lender became available.
• Debt Re-configuration: By carefully analysing their financial situation, we identified opportunities to reconfigure their unsecured debt. By reducing their total monthly payments, we could improve their monthly budgeting position. Within this consolidation we discussed with the customer the implications of taking short term unsecured debt, like a credit card, and extending this over a much longer period of time ensuring that it fitted into their over arching financial objectives.

Here at Hawke we provide boutique advice and whilst this may involve us saying to wait for a while before applying it will only ever be with your best interest.

If you're facing similar credit challenges, don't hesitate to reach out to us.

Client Requirement 

Securing the best remortgage rate 

Challenges

Changing rates and finding the best deal 

Solution

We started considering options 6 months before the end of a product. 

As a part of this review we consider your current lender and remortgage options.

With rates changing we monitor any improvement up to one month before the end date.

Over the six month period if a new mortgage offer is issued it does mean that that product is secure but it does not mean that that will be the rate you have to complete on. If better rates are available we could secure this. 

Every time we secure a better rate any rate rises would not impact this offer.

Some lenders will allow you to follow this process with the rate switch process. The difference between applying direct or through us would be we would actively monitor the rates for you to ensure you get the best product. 

Client requirements

Residential remortgage for the purpose of debt consolidation.

Challenges

A middle-aged couple who had lived in their property for many years had built up various credit cards and a loan, amounting to a relatively large and expensive unsecured debt. They were looking to consolidate the debt into a remortgage, to the reduce their monthly outgoings and make it easier to keep track of their expenditure. This is relatively straightforward, but the loan to value lenders will go up to for the purposes of debt consolidation varies hugely, there is also a cap on the amount of debt lenders can actually accept.

Solution

Having extensive knowledge of lender products meant that Hawke FS advisors were able to select the best option for the couple; giving them the maximum loan to value possible to absorb their debts and wrap up into one debt. The couple went from paying £ on unsecured debts, plus a £ mortgage payment, to an overall single monthly payment of £.