But what about the less-publicised success stories?
This week we asked our all broker panel to give us a recent example of case with a set of complex problems which they managed to place with the help of a proactive lender team proving that, while the MMR makes placing complex cases more difficult it does not make it impossible.
Lea Karasavvas 
is managing director of Prolific Mortgage Finance
Some cases simply cannot be sourced and placed by rate alone. It can be clear at the outset that certain complexities will need to be addressed and discussed and this was the case with a client of mine that had only been a short-term equity partner in a firm for the last six months.
His employment record was strong for the same firm and his reward was the status of equity partner. Whilst the change of status was a clear sign of progress many lenders had concerns over the brief period he had been in this position.
Enter stage right, Clydesdale and the infamous Mary Tracey.
Mary is one of the most hands-on development managers in the industry and together we positioned the case with strength by looking at the client’s employment history, last three years’ P60s together with confirmation from a senior partner of the client’s equity stake and company earnings. It was clearly evident that the increase of earnings made this a strong case, and we proceeded to offer and a swift exchange in good time.
The level of service was excellent and the support from Mary and the underwriter was evident all along. The rate was competitive and Mary’s involvement with us ensured that everything was received to appease the underwriter’s concerns to truly understand the merits of the case.
For many lenders, this case was too diverse and too complex but both Mary and Clydesdale worked with us from day one to ensure we achieved the correct result and an exchange within the four-week deadline.
Payam Azadi is director of Niche Advice Limited
We recently completed on a complex deal with Kensington. The applicant had a chequered credit history; variable remuneration package; and was a first- time buyer looking to buy a luxury new build flat in a six storey block with a 15% deposit.
His credit file included two £5,000 defaults registered against him about three years ago. He was a sales manager on a modest basic with a bonus four times that amount. This was evidenced by the year-to-date figure on his latest payslip and previous year’s P60 but not guaranteed nevertheless.
Understandably this type of case does not always fit products offered by mainstream lenders and so after diligent research we decided to approach Kensington on this case.
Our dialogue started with our BDM Emma Kelman, who has represented the company for a number of years, and she provided guidance and encouragement that this was something Kensington would consider. She also persuaded me to concentrate on the positives and she was right. His credit problems were behind him; he had a good job; he was currently renting somewhere at a similar cost; the property was in a highly-saught after site of the ex-Arsenal football ground. Her reassurance helped me to in turn speak to my client with authority to secure the business.
I was impressed that the decision maker made an initial call to introduce themselves and also was familiar with my prior conversations with her colleagues. I believe by having this ‘direct rapport’ and ‘case ownership’ she grew to understand there was a person trying to get on the housing ladder rather than a piece of paper passed across her desk to challenge.
Kensington has been in the non-conforming space for a long time and I can see why. Its flexible criteria is backed by staff who stick to their word. Sure they might ask a few extra documents than the high street but that is understandable due to the applicant type.
Dean Mason is practice principal at Masons Financial Planning
I have to say there are numerous examples, particularly since the onset of MMR, of us and the client working through a curveball thrown to us due (or maybe not due) to the client’s circumstances. There are a few isolated occasions where the lender has helped too, but not enough!.
One such case involved helping an accountant on a fixed contract who had been into his bank (HSBC) and his wife’s bank (Santander) to be declined because they viewed him as self-employed and needed two years’ accounts, which he did not have. As he returned to his desk at work he told his colleague, a client of mine, who advised he contacted me.
After a chat and meeting we established Halifax may help but there was now a timing issue as the client had made an offer on a property after being told by a member of staff in HSBC initially they could get the mortgage. I obtained an AIP that day and we gathered the contract, CV and got everything to Halifax Premier in a hurry. My BDM intervened and the underwriter called me to say the valuation was being instructed straight away.
I called the agent and advised him of this as he’d been putting real pressure on my client. The valuation was done in three days and the offer was produced in a week. As a result the clients moved into their new home within six weeks of meeting me. This kind of problem solving has meant the client has already referred me on to other people.
