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Live in your dream house!

Introduction

Richard and Rachel Foyster have always loved old properties with character and had been thinking of moving for some time.  In early 2010 they found their dream house had come onto the market. But, despite having a sizeable deposit and good earnings, the asking price looked as though it may be out of their reach…

The Initial Review

Pragmatism won at first, but their love of the property drove them to seek out a way to secure the property. As long standing clients of Charles Derby, we were their first port of call to discuss the affordability and assess mortgage options. Their Charles Derby Adviser met with them at their existing house to carry out an initial feasibility review.

This initial review set out some of the key issues and risks that would need to be considered, such as finding a suitable lender prepared to offer competitive terms on a large mortgage for a timber framed property and potential changes in interest rates (which could have a significant impact on affordability).

The Foysters both shared the view that interest rates would stay low for the foreseeable future and their Charles Derby Adviser was able to confirm some suitable lenders from an initial search on their behalf. But, after some head scratching and not to mention a little teeth gnashing, they initially decided not to put in an offer.

However, the thought of passing up on the opportunity to live in their dream home was still gnawing away, and after a little time, they decided to go for it.

Challenges

As with many property transactions, everything did not run smoothly. For a start, the most competitive lender had subsequently withdrawn their terms. This proved to be only a short term obstacle, as their Charles Derby Adviser conducted another search on their behalf, found suitable terms and completed a whole new set of paperwork.

Then when the survey came through, it highlighted some issues which would be costly to put right. This left the Foysters with another night of head scratching! A renegotiation later and the deal was back on. Their Charles Derby Adviser had always been on hand with knowledge and support, not to mention again handling all the paperwork, including making sure that the mortgage terms could be maintained on the lower agreed sale price.

Conclusion

The mortgage was secured on a competitive Lifetime tracker deal with the flexibility to overpay at any time and without penalty. The house sale went through, and the Foysters have not looked back since.