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How C&G saved Christmas for client

Picture the scene – a cold Wednesday afternoon 10 days before Christmas. I received a phone call from a slightly anxious client for whom I had arranged a mortgage some three months earlier against their then unencumbered property. The conversation went something like this:

“Mr Holloway, I exchanged contracts on the sale of my present home three days ago, with completion set for two days time. On the same date, I exchanged contracts on my new property and completion is in three days’ time.”

“Fine,” I answered. “What seems to be the problem?”

“Well, it’s like this. I have just discovered I am 90,000 short of the required monies to complete my new purchase and am hoping you can help.”

“So what you are telling me is that in 48 hours time you are leaving your current home, putting all your furniture into a removal van but will not be able to complete your purchase so you will have nowhere to go?”

“Yes, that’s about the long and the short of it.” (Gulp.)

“I am assuming you have tried the bank for bridging finance and that you have got no other assets in readily realisable form?”

“You are right. The bank will not help and I have no other monies. I am relying on getting a mortgage in 48 hours’ time.”

I put the phone down and immediately contacted the client’s existing lender to explain the problem. Was there any hope? “Yes,” answered the lender.

With a combination of faxes, emails and the lender’s internal post, as well as the co-operation of the client’s local office in Tunbridge Wells and our regular contact office in Northampton, together with valuers, estate agents and solicitors, the offer was produced the following morning, the legal documents were signed on Friday morning, the funds were requested by Friday lunchtime and were received by the solicitor on Friday afternoon, allowing completion to go ahead, much to the relief of the client.

Five stars for service? Absolutely. And the name of the organisation which arranged this whole matter so quickly? Cheltenham & Gloucester.

Congratulations to the Northampton office, which really showed this industry what can be done in sometimes trying and difficult circumstances.

Andrew Holloway

Aldenhart Financial Services, South Croydon

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