Read the inspiring case study from our adviser, Stevan Paul, on how he helped a British couple working in the hospitality industry secure a mortgage for their dream holiday home in Mallorca despite the challenges posed by the pandemic.
Key characteristics
The aftermath of the global pandemic still affects many people in different ways. One of the hardest-hit industries was hospitality. This is the backdrop for a British couple who approached Mortgage Direct to help them arrange a mortgage in Spain. Both worked as restaurant waiting staff and had their incomes severely impacted by the pandemic, with one employer going out of business.
Despite these setbacks, they never let go of their dream of owning a holiday home in Mallorca. Knowing they needed a mortgage to achieve this, they reached out to Mortgage Direct.
Understanding their circumstances
Stevan arranged a virtual meeting with the couple to understand their situation and plans in more detail. It was clear they were hardworking, financially secure, and determined to follow their dream. Their incomes had returned to pre-pandemic levels, which was encouraging.
Preparing the application
The couple quickly prepared the required documents and information to support their mortgage application. Stevan’s concern was that the bank might view the hospitality industry as an unstable source of income. To counter this, he included a detailed report supporting their case, emphasizing their financial stability and determination.
The outcome
Within five days, the bank confirmed approval for the full amount of the mortgage requested, up to 70% of the purchase price. The bank trusted Mortgage Direct and used discretion, understanding the pandemic’s effects and considering the entire picture. Had the couple approached the banks directly, the outcome could have been very different.
The importance of expertise
Trusting the services provided by Mortgage Direct clearly benefited this couple. At Mortgage Direct, we add extra support to your case if we believe there is a real chance of success and know which banks to approach to suit your circumstances.
Moving forward
The couple is now actively searching for their dream holiday home in Mallorca. Stevan looks forward to assisting them throughout the purchase process, right up until completion.
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