04 October 2018 - French Mortgage News | International Mortgage News | Partners News |
Success! Mortgages no other broker could have obtained
With a 97% mortgage approval rate we celebrate successful purchases with our clients every month. We also pride ourselves on being able to help more clients than any other broker. This month we are particularly proud of two cases.
We don’t take no for an answer: Our client came to us after being refused by two French banks. They had been refused by the first because of their dual UK and US passport. A second lender had turned them down because they hadn’t met the key eligibility criteria. Using our large panel of lenders we were able to approach a local bank. We obtained a Purchase and Renovation mortgage, fixed for 20 years at 2.18% and a reduced bank arrangement fee of €450.
We also helped a retired British couple, resident in the UK but wanting to buy their main home in France. They wanted to maintain a UK property and had a large investment portfolio they did not want to sell. IPF obtained them a mortgage: 50% LTV for 10 years, on an interest-only basis at 2.20%, variable with a cap. Bank fee €750 – meaning they did not have divest any of their investments.
We do get special treatment: Our client had recently transitioned from an employee to a self-employed consultant and had no tax returns. They had also been refused by one bank as they had no official proof of income. As we have dedicated underwriters at the main French banks that only work on our files we were able to better present the client’s case and supplemented the paperwork with meetings and discussions to ensure that the client’s particualr situation was fully understood. We were able to secure the client a mortgage and got a waiver for the (normally mandatory) life insurance requirement; saving the client £61k over the life time of the loan.
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