Summary
We recently helped a self-employed company director in Knaphill, Surrey, arrange a product transfer on their existing residential mortgage.
The customer had a mortgage balance of around £193,000 on a property valued at £400,000 and wanted to secure a five-year fixed rate for longer-term payment stability. Having recently moved into a new limited company structure, they also wanted to avoid the additional income assessment, paperwork and underwriting that could be involved in moving to a new lender.
By remaining with the existing lender, we arranged a suitable five-year fixed-rate product transfer without the need for a full remortgage. This gave the customer predictable monthly payments while keeping the process straightforward and minimising the amount of time they needed to spend on the application.
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Client Background
Our customer, a 36-year-old company director, self-employed and financially aware, had a clear vision of what they needed when they approached us. Residing in a 3-bedroom semi-detached property in Knaphill, Surrey, with a value of £400,000, they enjoyed a comfortable income of £48,000.
Understanding the Client’s Needs
The customer was in need of a product transfer for their mortgage. They were looking for a loan amount of £193,000 with a five-year initial fixed term. Stability was a top priority, given the recent shifts in interest rates and a new venture into a limited company. The need for a seamless process without the burden of excessive paperwork or research was also essential due to their busy schedule.
Challenges Faced
The client faced a unique set of challenges:
- The income received raised some concerns about stability in the eyes of lenders.
- The uncertainty of interest rates made a fixed rate for five years an attractive option for financial planning.
- A demanding work life meant the client needed a mortgage solution that required minimal personal involvement.
Our Mortgage Solution
Kerr & Watson secured a competitive five-year fixed product transfer for our client. By staying with the current lender, we circumvented potential issues regarding the client’s income. The customer could then focus on their business rather than worry about fluctuating mortgage rates.
Results that Speak for Themselves
The client was delighted with the outcome and the rate secured, giving them certainty and allow them to allocate their time where it mattered most: their business. Their feedback echoed a sense of relief and satisfaction, knowing they could confidently move on to their next business objective without mortgage-related distractions.
Reflecting on this case, the key to our success lay in understanding and aligning with our client’s needs. We provided:
- A 5 year fixed product that aligned with the client’s needs.
- A seamless process that respected the client’s time constraints.
- Expert guidance that navigated the intricacies of their income.
This case study is a testament to Kerr & Watson’s commitment to providing bespoke financial solutions. We pride ourselves on understanding our clients’ unique circumstances and delivering outcomes that not only meet but exceed expectations.
Contact us today
If you, like our customer, are looking for financial guidance tailored to your individual needs, we invite you to reach out. Whether it’s about owning your own home, navigating the complexities of financial products, or simply seeking advice on property and mortgages, our door is always open.
Contact us today to discuss how we can facilitate your mortgage journey with the same dedication and bespoke service that has brought peace of mind to clients across Surrey.
