Second Charge mortgages can offer the ideal alternative to a remortgage, further advance or unsecured loans if these don’t suit your clients.
Which is why they can be really useful for your everyday clients, who desperately need to reduce their monthly outgoing costs.
Here’s how we helped one of our broker’s customers reduce their monthly outgoings by £291 a month, in just 6 days from the application being received from the customer:
Situation
- Unsecured debt balance: £25,000
- Average monthly payments: £666
- The client needed to consolidate her debts to reduce her monthly payments. In addition, she wanted to finance a new bathroom at a cost of £5,000.
Challenge
- The client did not want to raise additional finance through a further advance, or a remortgage due to the resulting high redemption penalties.
- The client had already been rejected for unsecured loans because of her high outgoings.
- Plus, the client wanted protection against possible rate increases for 5 years and the ability to overpay without penalties
Solution
In just 6 days, the customer received their funds:
- £30,000 over a 20-year period
- Monthly payments reduced to £375 – a £291 reduction in their outgoings each month
- Fixed-rate for 5 years
- No ERCs, allowing them to remortgage or make overpayments
With rates from 3.73%, LTV up to 95% and lending criteria up to £2m – Second Charges can be used for a wide variety of reasons, and clients. So why not contact us now?
For more information, drop us a line to discuss your clients’ needs or give us a call today on 020 8731 5333.
