We've put together this quick case study to explain exactly how...
The client had £68k of debt that was costing them £1,645 per month, this consisted of an existing second charge loan for £17k, an unsecured loan of £21k and £30k of credit card debts.
The re-mortgage was declined due to the level of debt outstanding and affordability, in addition to this the re-mortgage option would have incurred an £11k redemption penalty meaning that the total amount of extra borrowing required was £79k!
"Enterprise provide a professional service and regularly update myself and my clients. I have confidence to pass over business to this firm because the quality of the staff means they are able to understand the complex issues which sometimes arises, which means my clients receive a good service that is consistent with the service I provide to the clients."
Her broker approached Enterprise Finance for a second charge mortgage, and after carrying out a thorough fact find with the client we were able to offer her a £70k second charge loan at an interest rate of 5.05% at a cost of £410 per month. The application form was sent back to Enterprise on 4th July 2016 and the case completed on the 3rd August 2016.
By doing the second charge mortgage through Enterprise the client was not only able to consolidate all her existing debts and save herself in excess of £1,200 per month, but she also saved £11k by not paying the redemption penalty on her mortgage. The introducing broker earned £1,000 for simply referring his client over to Enterprise!