--- title: Case Study - £57,000 Second charge mortgage completed in 3 days description: Here's how our efficiency, expertise and very speedy completion of a Second Charge mortgage enabled a client to address his monthly outgoings. image: https://www.ariafinance.co.uk/hubfs/Blog%20images/residential%20house%20with%20a%20second%20charge%20mortgage.jpg --- [020 8731 5333](https://www.ariafinance.co.uk/en/case-studies/57000-second-charge-mortgage-completed-in-3-days#) [Customer support](https://www.ariafinance.co.uk/en/case-studies/57000-second-charge-mortgage-completed-in-3-days#) [![enterpriselogowhite](https://www.ariafinance.co.uk/hubfs/enterpriselogowhite.svg) ](https://www.enterprisefinance.co.uk/) [![enterpriselogocolour](https://www.ariafinance.co.uk/hubfs/enterpriselogocolour.svg) ](https://www.westoneloans.co.uk/) [Login](https://portal.westoneloans.co.uk/login/) [Contact Sales](https://www.ariafinance.co.uk/contact) [Investors](https://www.ariafinance.co.uk/en/case-studies/57000-second-charge-mortgage-completed-in-3-days#) [Customer support](https://www.ariafinance.co.uk/en/case-studies/57000-second-charge-mortgage-completed-in-3-days#) [0333 123 4556](https://www.ariafinance.co.uk/en/case-studies/57000-second-charge-mortgage-completed-in-3-days#) [020 8731 5333](tel:02087315333) [Back to Case Studies](https://www.ariafinance.co.uk/en/case-studies) February 21, 2020 # Case Study - £57,000 Second charge mortgage completed in 3 days [Second charge mortgages](https://www.ariafinance.co.uk/en/case-studies/tag/second-charge-mortgages) ![Residential house with a Second Charge mortgage](https://www.ariafinance.co.uk/hubfs/Blog%20images/residential%20house%20with%20a%20second%20charge%20mortgage.jpg) | **Loan Type:** | [Second Charge Mortgages](https://www.ariafinance.co.uk/second-charge-mortgages/) | | --- | --- | | **Loan Value:** | £57,000 | | **LTV:** | 66.11% | | **Loan Rate:** | 4.11% | | **Loan Term:** | 16 Years | Debt is climbing in the UK, with the average personal debt in the UK coming in at £3,216 at the start of 2020. There are various ways to consolidate short term debt into an affordable monthly payment over a longer repayment term. One that has seen a huge increase recently is [Second Charge mortgages](https://www.ariafinance.co.uk/second-charge-loans/). This case study highlights how our efficiency, expertise and very speedy completion enabled the client to address his monthly outgoings. **Client ** The client owned his own home - a freehold, detached 4-bedroom property. **Completion:** 3 days from customer application received ### **The situation ** The client wanted to address his monthly outgoings to achieve a more manageable payment. His outgoings were £300 more than his monthly income and he had been relying on his credit cards and overdraft to get by. He wanted to address his outgoings to build up savings each month and wanted to free up an amount of at least £700pm. The client also wanted to reduce the overall level of interest being paid. Before consolidation, the client was paying an average interest rate of 20.20% on his credit cards and an overdraft. ### **Our solution ** The solution in this case was a second charge mortgage. By opting for a second charge mortgage over a remortgage you will avoid early redemption charges that remortgaging can incur. The client would be able to pay off their existing credit cards and overdraft and replace it with a monthly payment. ### **Benefit** We are an experienced specialist finance distributor dedicated to intermediaries, and by using us you open up the client to an array of specialist knowledge and a larger range of lenders, which naturally gives more options in terms of products and rates. Our dedicated, proactive broker service and support results in high conversion rates and customer satisfaction - [ranked highly by Feefo](https://www.feefo.com/en-GB/reviews/enterprise-finance). Our clients use us because we cut out the complexity of specialist finance. ### **Result** Using the second charge mortgage our client was able to pay off his credit cards and overdraft and has seen his overall monthly interest rate drop from 20.20% to 4.619%, and his monthly residual income was increased to £1,189 per month. The second charge mortgage enabled him to have a savings pot and be more conscious of his debt expenditure and felt this had broken the cycle of his debt and gave him a fresh start with his finances. For a quick chat, a meeting to discuss opportunities, or a more complicated deal on your desk – **[drop us a line](https://www.ariafinance.co.uk/contact/)** or give us a call today on **[020 8731 5333.](tel:02087315333) ** [![Second charge mortgages, explained](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/2273596/1a82dac7-bfe1-4d0e-9118-ff2db99db678.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/2273596/1a82dac7-bfe1-4d0e-9118-ff2db99db678) - [Second charge mortgages](https://www.ariafinance.co.uk/en/case-studies/tag/second-charge-mortgages) ![Hero Curve](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Curves/grey%20semicircle.svg) ## Related blog posts [Second charge mortgages](https://www.ariafinance.co.uk/en/case-studies/tag/second-charge-mortgages) February 21, 2020 ## [How we helped customers to reduce their monthly outgoings and free up £1k in debt payments](https://www.ariafinance.co.uk/en/case-studies/how-we-helped-customers-to-reduce-their-monthly-outgoings-and-free-up-1k-in-debt-payments) [Bridging loans](https://www.ariafinance.co.uk/en/case-studies/tag/bridging-loans) February 21, 2020 ## [Case Study - Development project saved by £680,000 bridging loan](https://www.ariafinance.co.uk/en/case-studies/680000-bridging-loan-to-complete-development-project) [Back to blog](https://www.ariafinance.co.uk/) ### Subscribe to our blog ![warning sign](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/alerticon.svg) This information is intended for professional intermediary use only and must not be distributed to potential customers. ##### Intermediaries - [![green circle](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/greencircle.svg)Second charge mortgages](https://www.ariafinance.co.uk/second-charge-loans/) - [![blue circle](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/bluecircle.svg)Bridging loans](https://www.ariafinance.co.uk/bridging-loans/) - [![orange circle](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/orangecircle.svg)Development finance](https://www.ariafinance.co.uk/development-finance/) - [![red circle](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/redcirc.svg)Complex buy-to-let mortgages](https://www.ariafinance.co.uk/complex-buy-to-let/) - [![turquoise ](https://www.ariafinance.co.uk/hubfs/EPF%20Website/Icons/tealcircle.svg)Commercial mortgages](https://www.ariafinance.co.uk/commercial-mortgages/) ##### [Resources](https://www.ariafinance.co.uk/resources) - [Blog](https://www.ariafinance.co.uk/blog) ##### Company - [About us](https://www.ariafinance.co.uk/about-enterprise) ##### Legal - [Privacy policy](https://www.ariafinance.co.uk/privacy-policy/) - [Modern slavery statement](https://www.enragroup.co.uk/modern-slavery-statement/) - [Complaints](https://www.ariafinance.co.uk/complaints-procedure/) [![enterpriselogocolour](https://www.ariafinance.co.uk/hubfs/enterpriselogocolour.svg "enterpriselogocolour")](https://www.enterprisefinance.co.uk/) © Enterprise Finance 2021 | Part of Enra Specialist Finance [**](https://twitter.com/enterprisefin) [**](https://www.linkedin.com/company/enterprise-finance-ltd?trk=top_nav_home) ### Get in contact Enterprise Finance Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 302964. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets. Enterprise Finance Ltd is registered with the Information Commissioners Office. Registration Number: Z6765361 Enterprise Finance Ltd is registered in England and Wales. Company Number: 04440152. Registered Office Address: The Edward Hyde Building, 38 Clarendon Road, Watford, WD17 1JW. This information is intended for professional intermediary use only and must not be distributed to potential customers More Info Hide Info