September 13, 2016

Our Second Charge Reduced a Client's Debt Repayments by 69%

Client cutting up costs using a second charge mortgage to reduce monthly outgoings

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.

The Solution

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.

The second charge mortgage completed in just three weeks from enquiry and the ERC is just one month’s interest after one months’ notice.

Does this sound like something one of your clients might need?Second charge mortgages, explained