Derek has been living with his mother and is supporting her financially with everyday costs and her mortgage repayments.  His mother Sally is a pensioner and Derek is a full-time HGV driver. Sally took out an equity release mortgage around ten years ago and together they have decided to remortgage and add his name to the application.

Whilst the applicants could comfortably afford to re-mortgage, Sally’s current mortgage was on a high interest rate. It had seen her initial equity release loan double over ten years. They were having trouble finding a new lender on a better rate due to Derek’s adverse credit. He had defaulted on some payments in 2017 during his marriage breakdown, but was able to demonstrate that these had either been settled or would be satisfied by date of application.

Although Derek had impaired credit, his history of re-paying this debt added strength to his application.  He was already supporting his mother with every day bills and her current mortgage.

The Society was able to offer a lower interest rate which will see the mortgage paid off before he reaches retirement and puts both applicants in a more comfortable position in terms of affordability. Regular overtime offered to Derek in his job provided additional strength to the application.

At Buckinghamshire Building Society we:

• Manually underwrite, looking at each case individually
• Assess cases on affordability not income multiples
• Go above and beyond to find a solution to your cases
• Soft search at DIP stage based on credit search, not score

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