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Case Studies

Getting a mortgage after bankruptcy discharge

We take a more human approach to underwriting, to build a truer picture and reach a fairer outcome. We design products that are easy to understand and simple to place. We strive to make each interaction you have with us easier than the one before. And we share valuable insight and expertise that give you an edge and build your reputation.

That’s why you’ll always find us with our doors and our minds wide open. Ready to challenge convention, read between the lines and see the story behind the numbers. We will find a place for your case with a path to success for your client and your business.

A business failure led to a loss of financial control and mounting arrears for couple, Trevor and Irene

Just before applying for a mortgage, they temporarily had a period of reduced income due to the need to care for a sick relative

Selling their large country home helped clear their debts

Although back at work with sufficient income, their credit record showed they had been four months in arrears

Issues

Although Trevor and Irene were both back in work, earning good salaries and had paid off their past debts, their credit record still showed they’d been in arrears.

Furthermore, just before applying for a mortgage, they had to temporarily reduce their working hours to care for a sick relative. They arranged with their employer that they’d take a reduced salary for a three-month period.

Solutions

Trevor and Irene asked mortgage adviser, Garry Nicholson, for help.

“The loss of their business was a bitter blow for Trevor and Irene, as was having to leave their beautiful country home, but selling up enabled them to regain control of their finances and their lives,” explains Garry.

“A setback such as this doesn’t last forever and Trevor and Irene were quickly back in work and earning good money. The mortgage they were applying for would cost them no more than the rent they were paying and their joint incomes comfortably covered their repayments.”

“The challenge was providing Pepper Money with paperwork to show they had repaid all their debts and that their three-month salary reduction was only a temporary situation.

Fortunately, their employer was very helpful, as was Pepper Money’s underwriter who bent over backwards to give this application the best possible chance of success.”

Garry Nicholson, mortgage adviser

“Borrowers who have been set back by an unexpected life event often get back on their feet fairly quickly, but the effects of an adverse credit record can be longer lasting. This was a case that clearly demonstrated the benefit of everyone involved – borrowers, lender, underwriter and employer – all working together effectively to ensure a successful outcome. As always, the devil is in the detail and it was important to provide Pepper Money with the necessary supporting documentation, but that was made possible by the willing cooperation of Trevor, Irene and their new employers.”

Information

Mortgage Service Levels

Intermediary Mortgages

Working on DIP referrals received on:

30th September

Responding to application portal broker messages on:

30th September

Reviewing applications sent to our underwriters on:

29th September

Working on applications received on:

30th September

Currently reviewing valuations received on:

30th September

Answering calls in less than (average speed):

< 1 Minutes