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£291 reduction in outgoings with a Second Charge mortgage

April 17, 2018

money pot

Loan: Second Charge Mortgage
Amount: £25,000
Monthly Repayment Cost: £375
Completion: 6 days from application

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 Charge mortgages can be used for a wide variety of reasons, and clients. So why not contact us now?

For a quick chat, a meeting to discuss opportunities, or a more complicated deal on your desk – drop us a line or give us a call today on 020 8731 5333.  

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