Your Mortgage Plus: Recent Franchisee Case Study


I was asked by one of the parents at my Son’s School to see if I could help a couple that he knew that were looking to move home. I said I would be pleased to help and the introduction was made.

However, when speaking with the applicants it became apparent that the case may not be as straightforward as first thought as a 2nd charge was to be registered by one of their parents to cover the money they had given to the couple just in case the relationship didn’t work out as planned. 

I did my mortgage sourcing and whilst I found a few niche lenders who could potentially do it I also discovered that Santander would be prepared to accept a situation such as this. We proceeded to get the Decision in Principal with Santander and the case moved on from there.

We managed to get the mortgage through which was for an amount in excess of £300,000 at a fixed rate of 1.59% fixed for 5 years and I also put in place Life & Critical Illness protection at the same time. 

Due to Coronavirus and subsequent delays getting medical reports the underwriting took a while to be completed but we chased it regularly and kept the client informed throughout. Terms were offered but the case was rated which inflated the protection cost to circa £150 per month. 

I called the applicants to talk the revised terms through with them and explained just how valuable being accepted for the cover actually was. They listened to what was being said and decided to proceed which was clearly a very sensible decision.

In terms of income, the mortgage and the protection cover generated a total case income of £4,540 which was a great result, especially given the value we had been able to deliver to the client. 

I have also introduced the Wills work that we do and will be looking to speak to both the client and the Trustees of their protection cover to explain how our additional services can be of help to them too.

All in all a good case which shows how we can deliver not just a great result for our client’s initial needs but also how we can develop the relationship further by proactively introducing other parts of our business offering.

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