Sick of Renting? We Can Help You Plant Your Roots!

Meet Florin and Claudia

Florin and Claudia are both in their mid-40s, married with one child, and have lived in a rented property since they moved to the UK eleven years ago from Romania. Residing in Warrington, Merseyside, they’d set their hearts on putting down firmer roots in the area for some time, but weren’t too confident of securing a mortgage to buy their own home. 

Both Florin (a delivery driver) and Claudia (a warehouse operative) work full-time. Their joint income is modest, while they juggle some ongoing debts and credit card balances. Having heard some of the horror stories about the difficulties of getting a mortgage with a poor credit history, this naturally made them worry that their credit scores and debt levels may lead to them being rejected. 

They did, however, have one ace up their sleeve: the recent sale of a property they owned in Romania provided them with a cash boost of £20,000, which they could use for a deposit. 

Things came to a head during the previous winter when their boiler broke down, and the landlord was not particularly swift with the arrangements to get it fixed. At this point, Claudia urged Florin that they could wait no longer: “We need to buy our own property - we must try and give it a go!”. 

How did we help?

Having identified a property in the nearby town of St Helens and using their Experian account to keep a check on their credit scores, Florin and Claudia saw an opportunity to speak with Haysto. 

Upon reviewing Florin and Claudia’s customer profile, their mortgage advisor, Nikki, saw them as a perfect fit for Haysto: they had a small deposit, low credit scores, and some existing credit commitments that meant they were on the borderline for meeting the required affordability criteria. 

These factors, when combined, made this a pretty complex case to solve. Nikki advised Florin and Claudia that they’d need copies of their last 3 months' bank account statements and a clear earnings history to demonstrate they could afford the mortgage repayments. Claudia’s income was slightly more complicated, but Nikki requested a copy of her employment contract to confirm her annual earnings. 

The next step was to identify the right lender, one that would also accept the deposit source as coming from a property sale outside the UK. This narrowed down the selection, but thankfully, Haysto has a solid relationship with Vida Homeloans, who deal with these types of applications all the time. Nikki’s knowledge and experience in taking the time to select the right lender beforehand also avoided any unnecessary rejection of their application, which might have lowered their credit scores. 

Once Florin and Claudia had agreed on a price of £180,000 for the property in St Helens, everything was ready to be submitted to Vida. Despite all their worries, there really weren’t too many issues of note from here. Thanks to the steps taken to prepare everything they needed beforehand and choosing the right lender, Florin and Claudia’s mortgage application was approved. 

What Florin and Claudia say

“When we first spoke with the mortgage team at Haysto, it felt a little like the first day at school. We were very nervous about our chances. We’d previously applied for a personal loan from our bank and been refused, so we were worried that getting a mortgage to buy a property would result in the same outcome. But we came to the right people. Nikki and everyone else involved were the perfect team. Now our dreams have come true, and we can wake up every morning in a house we own.”