Now we are working closely with Mortgage Medics we will be running regular articles updating you on the current world of mortgages and property. Sam Murphy, Managing Director of Mortgage Medics, launches these by commenting on the current market and how his team is helping Mishon Mackay’s clients overcome the sometimes tricky path to getting the right mortgage for their needs:

“Since we launched our partnership with Mishon Mackay in April, we’ve spoken with more than 200 buyers and sellers referred by the Mishon Mackay team, providing advice and support in a challenging market. Mishon Mackay is an iconic brand in Brighton, Hove & Mid-Sussex and we’re thrilled to be part of their offering. Our ethos is that the best interests of the client always come first and I know that this is a value shared by Mishon Mackay, so working together is a natural fit. We’ve already helped a number of buyers and sellers overcome tricky situations, and working together with Mishon Mackay means we can give sellers confidence in their buyers, and afford buyers a little more time to get their affairs in order, if needed, without jeopardising the sale.

In light of recent interest rate rises and affordability pressures, getting excellent mortgage advice has never been more important, so in order to deliver the best possible advice we work with the whole of the mortgage market and our advisers are all experienced and highly qualified. We also live in the real world and understand the pressures everyone is facing at the moment, so we’re always thinking about how to craft the best solution. Below are a couple of examples where we’ve made a real difference in complex situations:

These first time buyers had made an offer on a property through Mishon Mackay, but didn’t have their mortgage sorted. We quickly established there was an issue with one of the buyer’s credit rating due to a default with a utility company which they were unaware of. Defaults are often dealbreakers for mortgage applications, but we felt there was a good chance we could overcome this. So with the buyers’ consent we explained the situation to Mishon Mackay who put the property owner in the picture and helped manage expectations. After a thorough search of the market we found a lender willing to grant a mortgage on competitive terms and the sale was secured. In this example communication, transparency and teamwork combined to secure a dependable buyer for the seller and a dream home for the buyer!

These buyers found their dream home in Rottingdean but the property needed considerable work and was considered borderline for mortgage lending purposes. We spoke with the buyers and explained that some lenders are unlikely to lend on the property, meaning a bridging loan might end up being required. We made a plan to apply to 1 or 2 mainstream lenders, with a bridging loan as our plan B, and discussed this plan with the seller to reassure them that their buyers were serious, and manage expectations in terms of timescales. Working closely with Glenn, the branch manager in Rottingdean, we were able to provide a high level of detail to lenders about the condition of the property and this led to securing a mainstream mortgage for the buyers at the best possible interest rate. A great result for both seller and buyer thanks to clear communication and teamwork.

 

Alex Mackay, Owner & Co-Founder of Mishon Mackay adds “We are delighted to be working with such a progressive and well thought of local business. It’s great to see that Sam and his team are able to overcome the challenges that we are all dealing with in the current property and mortgage market”.