Case Study: Securing a Home and Financial Security for a Single Mother with Unique Health Challenges
In the complex world of mortgages and financial protection, customers with unique circumstances often find it difficult to secure what they need. Read on to find how I successfully secured both mortgage funding and comprehensive life insurance for a single mother with a complex income and a serious health history.
Customer Background:
My customer is a legal professional with extensive experience. That said, she had been working on a contractor basis for approximately six months when she was first introduced to me by an existing customer.
As a single mother in a demanding profession, she manages a tight schedule – though she somehow finds time for a fit and active lifestyle!
Challenges and Objectives
- Mortgage Borrowing
My customer had spent a great deal of her limited time contacting mortgage lenders herself with the aim of securing mortgage borrowing, prior to speaking with me. All of the lenders concerned had declined to lend her anything at all – despite her substantial income – as a result of her short time in a contractor role.
Contractors are individuals who provide services to clients / employers for a set period and on specific terms. Mortgage lenders have specific policies around contractor income.
- Protecting Her Child’s Future
If and when mortgage borrowing was attainable, my customer’s primary objective was to ensure that her mortgage would be fully repaid if she were to pass away, so her child could inherit their home, mortgage-free.
Despite being a seemingly fit and healthy individual in her early forties – with a Personal Trainer! – I was shocked when my customer explained that she had suffered a stroke when she was only 37 years of age. Her haste to return to such a role of responsibility, had also resulted in additional health complications.
Historic health issues can mean that Insurance providers refuse to offer any cover at all – especially when said issues are so serious. Their outlook is often that the customer poses too much of a risk.
The Solutions:
- Mortgage Borrowing
With access to the whole of the market – and lenders that take a logical approach to contractor’s with a substantial income and a long history in their professions – I was able to secure over £300,000.00 borrowing.
- Protecting Her Child’s Future
I began an extensive search for a financial protection provider prepared to take a human approach to individuals with serious or multiple health conditions. I was able to find a unique product – not available on comparison sites or typical broker systems – that offered the extensive coverage my customer needed.
The Outcome:
Having access to the whole of the market meant that I was able to secure both the mortgage funding required and comprehensive life insurance that addressed my customer’s specific needs.
My customer was pleasantly surprised that the Life Insurance:
- Did not exclude any potential future health issues, including another stroke
- Was far less expensive than she had anticipated
Conclusion:
By understanding my customer’s unique circumstances and requirements – and relentlessly pursuing the most suitable solutions – I was able to help her realise her dream of a home for her and her child, along with the peace of mind brought by the financial security she sought for her young family.
We’re committed to finding the most cost-effective and suitable solutions for our customers, regardless of how complex their circumstances may be.
If you want help securing a mortgage or protecting yourself and your loved ones, please do get in touch.
If it can be done. We can do it.
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