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£1m lottery win sparks completion collapse
Specialist packager Brunel Mortgages spoke to Loan Talk about a very unusual ending to a recent secured loan application.
The Swindon-based packager was approached by a broker on behalf of a self-employed client who was experiencing difficulties with HMRC. This included pending action for bankruptcy for a disputed amount of income tax over a few years.
However, thanks to the client’s clean credit profile and an LTV below 50 per cent, Brunel found a lender which was prepared to consider an application for a secured loan and the client and broker confirmed they wished to proceed.
As Brunel progressed with the application, a credit agreement was issued and after the consideration period had passed a valuation was obtained along with consent from the client’s existing lender.
All that was needed was confirmation of the settlement figure from HMRC for the deal to be completed.
However, things then went unusually quiet when the client was not returning the broker’s phone calls.
“We were left scratching our heads because the client had no other options available to repay the HMRC, and the broker was concerned about the bankruptcy,” said National Sales Manager, Richard Angell.
It soon became clear that the reason for the silence was that the client had found an unexpected way to repay the taxman.
After purchasing a lottery ticket, the client won £1 million and so no longer required a secured loan.
“From time to time we have applications that unfortunately are unable to complete. Sometimes property transactions can fail because a chain falls through or maybe there is an issue with valuation, or even circumstances beyond the control of the broker, the client or ourselves,” added Richard Angell.
“This was exactly the situation when we recently received an application from a broker that didn’t complete because of some very unique circumstances.”
“In the meantime we continue to work with brokers to provide solutions for their clients, and hope there aren’t too many Lottery winners in the future!”
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