Loan type: Second Charge Mortgages | Loan value: £15,000 | LTV: 91.92% | Term: 28 years
A second charge mortgage can be a great solution to help consolidate debts into one manageable monthly payment. In this case study we look at a recent situation where we helped a couple to regain control of their finances and raise funds to carry out home improvements to their property.
The Client:
A homeowner looking to secure funds for home improvements & debt consolidation purposes
The Situation:
In this case, speed was critical. The borrower needed to secure financing for an ongoing home improvement project and consolidate existing debt, with the overall goal of reducing their monthly payments after the renovation. The timescale was tight, as the borrower needed to complete the project as soon as possible to avoid additional costs. The LTV was high on this case and finding the right lender who could deliver in such a tight time frame required specialist broking.
Our Solution:
The borrower was motivated to get the deal done quickly and worked with our advising team to ensure the required documents were with the team within a matter of hours. To ensure the deal worked for the borrower, the team established a suitable lender and worked closely with the lender and client ahead of the fact find, to complete the DIP to establish possible rates for the borrower. The case was suitable for a desktop valuation, speeding up the process further and all paperwork between the borrower and the team was submitted, underwritten and returned the same day.
Benefits & Results:
Our expert team has a reputation for offering rapid loan completions, and this case was no exception—in fact, it was quite exceptional. Knowing which lender to approach for a niche case helped secure the deal quickly. Additionally, our strong relationships with lenders accelerated the process. The loan was completed just 2 days after receiving the application, and the borrower was delighted.