There really is no 'one size fits all' approach to mortgages - which is why we treat all of our clients as individuals to find them the best solution for their circumstances.
THE NEW JOB - Can you apply for a mortgage when you haven't long been in an employment and have few payslips?
Erica had just qualified as a new Doctor and wanted to buy her first property and relocate for her new role.
As she didn’t yet have her first payslip available (and most lenders require the last three payslips) - Erica thought she wouldn’t be able to obtain a mortgage.
“I was really concerned, I needed to relocate quickly for me new job – I didn’t want to waste my savings on renting or commuting ideally.”
“Evolve reassured me and worked closely with my high street mortgage lender who accepted a copy of my qualification certificate in place of my first payslip. My mortgage was then accepted and offered really quickly”.
HELPING YOUR CHILDREN UP THE LADDER - Looking for ways to help your children buy a property?
David and Shona wanted to purchase a property for their son with a view to him moving into the property once his studies were completed in 3 years time and taking it on as his own. By buying a property now using equity from their home and a buy to let mortgage they could benefit from todays market prices and at least three years of a tenants rental payments reducing the mortgage balance.
“We wanted to be able to help Jake to get on the property ladder but thought that starting now rather than waiting for his studies to be over would gain valuable time in the process” David explains.
“This also means that even when he has finished his studies and has his first job there is no pressure on him being accepted for a mortgage on his starting salary to buy a home”
Evolve FS help Mike put a history of bad credit behind him and get on the housing ladder.
When Mike and Sarah decided it was time to buy a house, they found high street lenders reluctant to offer them a mortgage. The problem? Mike’s history of bad debt.
As Mike says:
“I wasn’t great with money in my 20s, and after being made redundant, I wound up with some defaults on my credit record. To be honest, it was the wake-up call I needed, and I’ve been careful ever since. But by that point the damage was done.”
Just as the couple were starting to resign themselves to a lifetime of renting, a friend told Sarah about Evolve FS.
“I didn’t expect much when I phoned their number, but that call changed everything for us.”
Evolve step into action.
Mike and Sarah had yet to find their dream home, but they had an idea of what they could afford based on their shared income, and enough savings to put down a deposit.
After advising the couple to get a free credit report from Experian, Evolve read through it with them during their first free consultation. Although Mike was now in a stable career, the reality was his credit issues still affected his score, and would do so for a number of years yet.
After discussing options for next steps, the couple decided that rather than wait a few years until time Mike’s credit score had improved, they would approach a number of specialist lenders.
“At first, I wasn’t sure,” Mike said. “I was worried we would end up being saddled with a mortgage that had an extortionate interest rate, because the provider knew we had no other choice but to take it.”
However, thanks to (insert name)’s extensive experience connecting people like Mike with specialist lenders, he was able to draw up a shortlist of several brokers who could help.
Making a move.
Once they had put an offer in on a property, Mike and Sarah secured a mortgage with the specialist broker Evolve FS had recommended.
“Evolve helped us with everything, from the application process, to putting our case across, because these kinds of lenders really do look at each case on its own merits, rather than simply glancing at a credit report to make a decision.”
Although they had to put down a larger deposit, Mike was surprised to find the interest rate wasn’t as steep as he had feared. “It was a little higher than some of the high street deals we had applied for, but it still far cheaper than what we were paying in rent.”
A fresh start.
That wasn’t the last Evolve FS would hear from Mike and Sarah. Two years later, they were back, and this time looking for help to find a new mortgage deal after their adverse credit mortgage had run its course.
This time, thanks to a clean repayment history, the Evolve FS team were able to secure the young couple a mortgage with a high street lender, at a lower rate, and with smiles all round.
Evolve FS enable Annika to achieve her BTL ambitions.
When Annika moved in with her partner, she decided to hold onto her old house, and rent it out to cover the mortgage payments. A few years later, the house next door to her rental property came on the market at a good price. After doing her sums, Annika decided to take a chance, and put an offer in.
However, there were two problems:
The mortgage broker of her first buy-to-let property wouldn’t offer her a mortgage, citing ‘exposure.’ This meant they felt it was risky lending money to someone for a house when that person already owned an adjoining property. If, for example, Annika decided to convert both properties into one larger house, the overall value would be reduced, meaning the mortgage broker wouldn’t recoup their loss if she defaulted.
Evolve FS trawl the market.
After contacting Evolve FS, Annika sat down with (insert name), to explain her current situation, and what she wanted to achieve. Before the end of the meeting, she found herself looking at a shortlist of potential mortgage lenders.
“Often, when people come across an unusual or unexpected problem during a property purchase, they feel like they’re the only person in the world who has encountered that issue,”
“But the reality is, we have been helping people for decades, and have seen most situations before. And that experience and knowledge of the market we’ve built up over the years means that if there is a solution to be had, we are the people who can find it.”
This time, the solution was simple. After trawling the market, Evolve found a high street lender who met Annika’s needs, and had a different approach to calculating the rental income to repayment rates.
Before long, Annika had secured her mortgage, and now had the keys to a second BTL investment.
As Annika says herself:
“I felt I was in over my head, I didn’t really consider myself a ‘professional’ landlord, just someone who was investing in property on the side where I could. Fortunately, Evolve FS were quick off the mark to ensure a solution to my problem could be found. And there was no fee for using their service. They found me a deal with better interest rates than my current mortgage, with no access fee. Next time, before I even look at buying another property, (inert name) will be the first person I speak to.”
FIRST TIME INVESTOR - Do you have aspirations to earn an income from property?
Kate had always wanted to invest in property but had never had the disposable income available to put down the deposit required to qualify for a Buy to Let mortgage, (usually 25%).
“Ever since I started my first job I knew that I wanted to invest in property and somehow make that an additional, if not main, form of income, “ Kate explains, “but after saving for my own home I just never seemed to get the momentum again for saving the deposit I would need”.
Following the death of a relative Kate was left a sum of money that decide to put towards her first investment property and asked Evolve to help her manage a remortgage of her own property to add to the figure.
“The inheritance money was a great boost to my savings and, with a fair amount of equity in my own home Evolve were able to help me release that to add to my deposit”.
“Evolve were great at explaining all of my options and finding the best deals for both my remortgage and Buy to Let needs”
Kate has decided to remortgage the ‘Buy to Let’ property in a few years time to invest in another property.
“I wont hesitate to use Evolve again when it comes the time to review my investments and think about the next step on my investment ladder”.
You could borrow up to:
Total Interest Paid:
Figures provided will be dependent on your financial situation, property value and the size of your deposit or equity.
Real examples of Evolve clients and our solutions
There really is no 'one size fits all' approach to mortgages - which is why we treat all of ou clients as individuals to find them the best solution for their circumstances.