Case studies
1
First time buyer
Location –Rainham and Gillingham
Background:
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Never held a mortgage
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Joint income
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Basic salary but with a large proportion of commission/bonus
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Unsure of what they could borrow
Buying your first home is an exciting but daunting prospect, especially if you have never done it before.
Our dedicated advisor at Yomo Finance worked with our clients to source the most appropriate lender to ensure as much of our client’s commission /bonus could be used in their affordability. They came to Yomo Finance before they started to view properties which enables us to do the maths so they could view within their price range.
2
Remortgage
Location – Chatham and Strood
Background:
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Fixed rate with their existing lender was coming to an end
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Concerned regarding the increase in interest rates
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Staying with existing lender would have meant quite an increase in monthly repayments.
Our client's fixed rate was due to expire in 5 months' time and they were concerned about the rise in interest rates as they had secured a very low deal during covid.
Yomo Finance were able to find them a rate with a new lender, lower than what their existing lender could offer them. This meant their monthly repayments were not going up as much as they originally though plus our team at Yomo carried out monthly reviews ensuring our client’s rate was still the best on the market for them.
2 months later, rates were reduced further and we placed out clients with an alternative lender which meant further savings on their repayments amounts.
3
Debt consolidation – further advance
Location - Aylesford
Background:
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Current rate due to was expire
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The rise in mortgage payments and maintaining their monthly debt commitments.
Our client's interest rate was due to expire and they contacted Yomo Finance for advice. With the rise in interest rates their new mortgage repayments were leaving them concerned about meeting all their monthly commitments.
Their designated advisor was able to arrange a product transfer with their existing lender and a further advance. This enabled our clients to consolidate all their debt (loans and credit cards) into one affordable loan and reduced their total monthly expenditure, leaving them in a better financial position.
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
4
Product transfer
Location - Sittingbourne and Faversham
Background:
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Fixed rate were with existing lender was coming to an end
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Clients wanted to visit their options and look at alternative lenders for cheaper rates.
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Concerned about monthly outgoings since starting a family.
New clients came to us as their fixed rate was due to expire in 4 months' time and they were not sure of the best options available to them.
The team at Yomo Finance looked at all deals across the market and advised clients their best and cheapest option would be to remain with their current lender. Yomo Finance saved the client time by sourcing all their options and came to the best outcome for our client.
5
Debt consolidation – second charge
Location –Maidstone and Tunbridge Wells
Background:
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Clients were looking to debt consolidate
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Wanted to explore options of reducing monthly outgoings
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Affordability made it is difficult to borrow with high street lenders
Existing clients of Yomo Finance contacted us to see if we could assist with reducing their monthly expenditure by combining their outstanding loans and credit cards.
With the arrival of their daughter and mum on reduced income due to maternity leave, it was important for them to save some money each month.
Hight street lenders were unable to offer them what they needed due to their affordability calculations, so our Yomo Finance advisor sourced them a second charge product and solution.
This enabled our clients to make one monthly payment towards their debts, spread over a longer term which helped to reduce their monthly expenditure.
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
6
Self-employed – 1 year of accounts
Location - Sevenoaks
Background:
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Looking to purchase a new home
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Our client changed from an employed role to a self-employed role at the beginning of 2023
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Only 1 year's accounts available
Our clients reached out as they were planning a move but they were concerned as they had become self-employed and only had one year's accounts as proof of income. They had heard that they must have a minimum of 2 years accounts available but were desperate to move.
The Yomo Finance team were able to put their minds at rest as there were options available to them. After sourcing the market and providing some additional background information around our clients current and previous job roles, we managed to secure them a deal. This enabled the move they were longing for.
7
Adverse credit
Location -Bredhurst
Background:
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Wanted to buy a new home
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Late and missed loan and credit card payments.
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Registered CCJ
We were contacted by clients as they were looking to move. They knew they had missed and made a few late payments on some loans and credit cards so we asked our clients to obtain an up-to-date credit report. Upon receipt of this report things were a little more complex. There was a registered CCJ and a default.
As the CCJ has been registered as satisfied Yomo Finance were able to source a suitable specialist lender that would allow our clients to pursue their move.
8
HMO mortgage
Location - Kingshill
Background:
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A buy to let landlord wanted to invest in another property
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Interested in a HMO
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First time dealing with a ‘multiple occupancy’ property
An experienced buy to let landlord wanted to explore the possibility of purchasing an HMO property. Not knowing much about HMOs he asked Yomo Finance for some advice around the criteria for purchasing such a property.
One of our experienced advisors was able to talk him through the process, requirements and what managing an HMO property would involve.
A suitable specialist lender was sourced and our landlord was able to continue with his HMO purchase understanding the rental yields and how this works with multi-occupancy properties.
9
Buy to let mortgage
Location - Medway
Background:
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First time buy to let
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No deposit
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Owned their own home
Yomo Finance were contacted by a client interested in making a buy to let purchase. They hadn’t owned a second property before and but had a 25% deposit. They wanted to discuss using their savings to purchase standard property to rent out.
Their dedicated advisor was able to arrange a new buy to let mortgage for them, running through the calculations for the projected rental to ensure that it fits the lenders criteria.
Our advisor was then able to source the most appropriate buy to let mortgage for our clients and secure the property they looking to buy.
