No Mortgage Stress - Jenny
Our recent research uncovered that more and more millennials are financially independent enough to buy their first home alone. Recently single customer of The Nottingham, Jenny Stackhouse, soon realised she was one of those that could buck the trend and buy on her own, thanks to the help and support of her local branch, Matlock.
34-year-old Jenny initially thought she would be restricted to renting following a break-up that led to her visiting the branch looking for a rental property. However, a conversation with our Matlock Branch Manager, Chris Williams, changed her mind.
Chris explained to Jenny that her savings could make a mortgage possible, and connected her to a mortgage expert via our video broker service, Nottingham On Demand (NOD). Jenny was connected with NMS Adviser Mark Ambler, who took her through her potential options.
Jenny said: “After I moved out, I presumed that renting was my only option as my savings aren’t huge and I’m always reading that people my age with a small deposit, are struggling to buy. It was my chat with the Matlock branch manager turned everything on its head.”
“I asked about rental properties and he suggested that because I had some savings, even though it wasn’t a lot, it could be worth speaking to a mortgage adviser. Soon after, Mark was talking to me through the video system, which was as good as him being in the room with me. After sharing all the details and searching lots of providers, Mark chatted through all my options and we found an affordable mortgage deal.”
“I now have an offer accepted on a property, an Agreement in Principle and can look forward to moving to my new home in the next few months. Whatever your circumstance, it’s definitely worth just having that conversation. It proves that people can buy property on their own under the right circumstances and with the right advice.”
Mark, a mortgage adviser with over 15 years’ experience, added: “Many are unaware of the options available to them so this is a great example of a conversation being had with an understanding of what the customer would ideally like to achieve.
“It’s also great to hear that Jenny was reassured by using the NOD system – it’s a good way for the customer to speak with an adviser there and then and get expert advice, something a lot of people tells us is important when it comes to big financial decisions.”
If, like Jenny, you are interested in seeing what Nottingham Mortgage Services could find you in the mortgage market, visit your local branch or get in touch on 0344 481 0013. If we find you the right mortgage there may be a one-off fee payable when we submit your mortgage application. The fees are £249 (non-members or new customers), £149 (new customers to Harrison Murray and Nottingham Estate Agency, or previous customers of Nottingham Mortgage Services), and free for Nottingham Building Society qualifying members who have held a minimum of £500 in one of our savings account for at least 12 months. If for any reason you don’t complete on your mortgage we will refund the amount in full.
* 653 first-time buyers were interviewed online between October 19th and 25th 2018 by independent research company Consumer Intelligence.
Whole of market mortgage advice is provided by Nottingham Mortgage Services Ltd (NMS); an appointed representative of Quilter Mortgage Planning Ltd, which is authorised and regulated by the Financial Conduct Authority; registered No. 440718. NMS is a wholly owned subsidiary of Nottingham Building Society and registered in England and Wales, No. 03089887; Nottingham House, 3 Fulforth Street, Nottingham NG1 3DL.
Remember, your home may be repossessed if you do not keep up repayments on your mortgage.