Credit Restore
Running a business can test any relationship, as Will came to understand all too well: he used to run a company with his business partner, working in the construction industry. They had been faring well until a series of challenges precipitated a string of disagreements, eventually resulting in the business going bust and the pair parting ways.
Will’s wife, Kara, had been employed by the company during this time, but fortunately, she was able to find work in a similar role quite quickly and was not negatively affected by this situation. Will, on the other hand, felt these effects keenly. The business was not a limited company, forcing him to satisfy these debts with his personal assets, eventually leaving him with no choice but to declare bankruptcy.
After a short period of job searching, Will managed to find work and has now been in his role for a year. The couple have been able to keep on top of their mortgage and Will has not had any credit issues subsequent to declaring bankruptcy. Further to this, his bankruptcy was discharged within the last month.
Just as the couple managed to get on top of their financial situation and back on track, their windows began to leak. Because they had concentrated their savings on repaying debts, they did not have the funds to cover the cost of replacing them. As their fixed rate product with their current lender was coming to an end as well, they decided to explore remortgaging and raise the capital to cover the repair costs. After all, they had been paying their mortgage for a few years at this point and had worked the outstanding balance down to around 55% LTV.
The recency of Will’s bankruptcy posed an issue to many lenders and so their application was declined, meaning that Will and Kara had to look elsewhere. They got in touch with a broker, who pointed them in the direction of Buckinghamshire Building Society. They were aware that, as a specialist lender, we were able to look at each case on an individual basis tailor our lending solutions to our customers’ situations. The broker knew that our underwriters were well-versed in dealing with those who have experienced bankruptcy.
Given that Will had been discharged from his bankruptcy, he had not gained any adverse since and the application including the capital raise would still keep them under 70% LTV; our underwriters deemed them eligible for a credit restore mortgage. The mortgage offer was soon agreed, helping the couple to keep their finances, and their windows, watertight.
www.bucksbs.co.uk/intermediaries | intermediaries@bucksbs.co.uk | 01494 879500
Buckinghamshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number 206022
www.bucksbs.co.uk/intermediaries 01494 879500 intermediaries@bucksbs.co.uk