Previously, Alison had to close her childminding business when it ran into difficulties. Her income fell almost instantly by nearly £4,000 per month and, before they knew it, they were struggling to keep their heads above water financially. As defaults, late payments and their adverse credit history worsened, they decided the only course of action available to them was to move in with parents and rent out their home for a couple of years while they got their finances back on track.
Two years later, once they regained control of their finances, they were able to move back into their family home. Alison’s new business was also going from strength-to-strength and, with two growing children, they decided the time was right to look for a larger home with more accommodation for both family and business. Paul and Alison found a new home that matched their requirements perfectly, but when they applied for a mortgage, they discovered their past financial problems were still casting a long shadow.