Do your clients have a dream of home improvements?
With Bank of England interest rates expected to rise, now is the perfect opportunity to improve the space we live in making it enjoyable for all the family and investing in the future.
Did you know?
Despite a third of all homeowners recognising that a remortgage would save them money, a recent study by Barclays* suggested almost half (49%) of all homeowners have never remortgaged.
So why remortgage?
Remortages can help your clients in many ways to access equity in their home. Whether they need a lump sum to consolidate existing debts, make home improvements or simply want to enjoy better rates, remortgaging can help.
How can we help?
Mr C and Miss D were looking to raise funds for home improvements and remortgage from their existing lender to save money.
They were finding it difficult to find a lender that could help them due to a satisfied default (communications) in June 2019 and late payments on a utility bill in 2018.
They were looking for 80% LTV to repay their existing mortgage plus to raise some additional money for their home improvements.
Mr C was going to work to age 70 so was looking for a lender that could take the term over a longer period to help with the repayments.
- We do not credit score, but carry out a credit search instead. This allows our underwriters to review cases on an individual basis. We understand that on occasions there can be credit issues, however our standard credit allows for minor blips. This means our underwriters take a flexible and holistic view.
- We will allow capital raising on our remortgage products up to 80% LTV (75% for debt consolidation cases).
- We can consider using earned income to age 75 based on the plausibility of the job role and clients intention to work to this age. Over this age, cases will be considered on an individual basis.
If you have customers who do not meet lenders credit scores and have minor credit blips then Buckinghamshire Building Society may be able to help you with like for like remortgages or remortgage with capital raising (max 80% LTV).
Visit our website here for our prime mortgage details and credit criteria matrix.
To find out more about full mortgage product suite, click here
*Source – Mortgage Solutions Article 27/10/2021
