Loan type: Second Charge Mortgages | Loan value: £155,000 | LTV: 68.45% | Term: 25 years
While not right for everyone, 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:
The clients were a married couple living in a mortgaged property in Berkshire which was valued at £1.4m.
The Situation:
Over the last couple of years, the couple had racked up debts, including a loan for a car purchase and various credit cards. Their monthly outgoings had risen to £3,120 which was beginning to place a strain on their finances. They were also keen to undertake home improvements to their property but would need to raise funds to finance the work.
Our Solution:
We proposed a second charge mortgage of £155k. This solution would enable the clients to consolidate their debts into a single, more manageable, payment while also providing the additional funds needed for their planned home improvement to their property.
Benefits & Results:
By carrying out a second charge mortgage, the team at Aria Finance were able to reduce the clients' monthly payments from £3,120 to a much more manageable £918. Our expert team offer rapid loan completions and this case was no different, with the loan completing in just two weeks from the application being received.
For more information on using a second charge mortgage for debt consolidation then check out our handy guide here: https://www.ariafinance.co.uk/broker-hub/blog/guide-debt-consolidation-second-charge-mortgages
