Jane Andrews and her partner Tim wanted to move from Bristol to Frome but didn’t think they would get a mortgage as Jane was on maternity leave. Fortunately, one of our mortgage advisers, Leslie Morris, was able to help.
We lived in Bristol for six years before moving to Frome. We had always hoped to move to a quieter, more rural location eventually. The pandemic starting and then deciding to have a family encouraged us to get on with making the move. We wanted to live somewhere with good access to schools and green spaces.
We wanted to borrow £295,000 and I was on maternity leave at the time. I didn’t think we would be able to get a mortgage as my salary was due to drop quite significantly while I was on leave. My employer covered the first 12 weeks but standard maternity pay in the UK is minimal so we would mostly be relying on one salary to cover our mortgage and bills.
I was concerned that despite having savings, lenders might be stricter about lending after the pandemic.
The cost of living has also increased and childcare in the UK is notoriously expensive, and many companies haven’t increased wages to meet inflation. I felt most concerned about the situation during those 3am feeds with our newborn baby when my mind went into overdrive!
However, Leslie carefully assessed our finances and completed a comprehensive affordability check, so we knew we could afford to meet the payments.
She gave us some excellent advice on mortgage rates and also considered our needs and how they might change in future. She even helped us save money when our five-year fixed rate deal ended by temporarily switching us to a tracker rate. This saved us around £250 a month which was a welcome surprise!
Our lender did ask for clarity on my return-to-work plans, and it was a huge relief to have our mortgage approved.
Leslie arranged a new five-year fixed rate deal and so we bought our new property at an excellent interest rate. Her advice also made us get our finances in order and consider our mid and long-term financial plans.
Using an experienced adviser made the process of selling our current property and buying a new one relatively smoothly and stress-free which we very much appreciated while caring for a newborn baby! Our mortgage only took a week to get approved.
Our new house is a period property with much more living space for a growing family. We love it and both feel very settled in our new location. We’re very grateful to Leslie for offering such good advice.
Note: Names have been changed at the request of our clients to protect their privacy.
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