Krisztian and Timea may be known to many who live in or have visited Bristol. They opened a super restaurant a few years ago and have been operating it ever since. They worked hard every day and managed to survive the pandemic, which unfortunately many companies bigger than them cannot say.
Bear in mind, the impact of the coronavirus is still strongly felt on the property market, banks have imposed significant restrictions, which affects everyone, but perhaps self-employed clients the most. The banks are simply afraid that they will take out the loan for 20-30 years and in the meantime the company will cease to exist and become insolvent.
In this difficult situation, the Krisztian and Timea contacted me to say that they had found a house that they wanted to buy. Everything went quite smoothly, the mortgage application was submitted to the bank, they asked for a lot of data and documentation, they had some strange requests. We have been waiting for their response for many weeks, but they did not want to answer. Usually after many weeks of waiting they do not decline the applications, we simply assume they are just busy working on cases, declines normally happen within 1 or 2 weeks. After 5 weeks of waiting the solicitors had already completed the paperwork the seller started to become a little nervous as we still did not have a mortgage offer in our hand.
That’s when the cold shower came, the bank rejected the mortgage application, they didn’t even explain why, they simply didn’t want to lend any money to them. Unfortunately, we had to tell the sellers this, but we assured them that we had resubmitted the application to several banks, but by then they were very impatient and wanted to put the house back on the market.We started a new mortgage application again, 5 banks rejected us one after the other, a few days apart, and then on the day when the fourth bank also said no, our last hope said they would grant the loan.
2 weeks after this completion took place, Krisztian and Timea can finally go home to their own house after work, which is a great feeling. The reason we shared this story is when it seemed like all our work was wasted, we continued to work together to make it come together and in the end, it was just a happy ending.
