Debbie and Paul Hebb
When Debbie and Paul Hebb, who live in Chesterfield in Derbyshire, wanted to buy a rental property, they knew that Paul’s job as a contractor was likely to cause a few problems when it came to applying for a mortgage.
Debbie explains: “Two year’s ago Paul decided to become an IT contractor, having spent many year’s working as an IT manager in large organisations such as Royal Mail. He was successful in securing a contract with a leading UK car manufacturer and the transition from employee to contractor has worked really well.
“However, when it came to remortgaging, we were both aware that having just one year’s accounts was going to be an issue, because most lenders want to see at least two or three year’s accounts, despite the amount of income being generated.
“We therefore spoke to a specialist broker, Contractor Financials Limited who recommended that we consider a specialist contractor mortgage from Saffron Building Society, which had been developed for people in situations such as ours.
“We went ahead and applied for a £194,400 remortgage on our house, which had been valued at £243,000. Saffron Building Society offered us a three-year discount of 0.4% from their standard variable rate, which we felt was very competitive.
“The process of remortgaging was very easy. They gave us a quick decision and the paperwork was completed without any hitches. We were pleased with the quality of service and the personal attention they paid to our application. We always felt we were valued customers and not just another mortgage application and it was good to know that our case was assessed by a skilled underwriter and not left to a computer to make the decision.”
Debbie and Paul’s remortgage completed in April and they have now gone ahead and purchased their rental home.
Debbie concluded: “It’s good to see that a financial institution such as Saffron Building Society is willing to develop deals for borrowers whose needs fall outside the norm. With their help, we’ve been able to translate our property plans into reality.”