September 13, 2016
An adviser approached us with a client in need of finance. The married couple had a property, the value of which was £440,000 with a £193,000 mortgage with A&L.
The current mortgage deal was a life time tracker at 0.35% of BBR.
The client wanted to raise £47,250. £30,000 was to clear unsecure debt that was costing the client £1,800 per month. £17,250 was to give to their daughter for her wedding.
A remortgage was not the best option for the client because they did not want to lose the great rate they already had.
We arranged a £47,250 Second Charge Mortgage. The monthly cost of this loan was £565.73.
By consolidating all of their debt into one agreement, it dramatically reduced the client’s monthly outgoing.