We were approached by a married couple in their 50’s who were looking to re-mortgage to consolidate a substantial amount of credit card debt incurred by financing their child’s university studies (circa £40k). They were also looking to raise additional capital to significantly refurbish the property requiring circa £70k. Both had a number of missed payments within the last 2 years which had affected their credit scores.
Applicant 1 was a contractor with only 6 months remaining on his current contract and applicant 2 was a part-time employee.
After approaching several brokers who were unable to assist them due to applicant one’s income structure, the debt consolidation required an adverse credit history we reviewed their case and confirmed we would be able to assist them.
We managed to secure a mortgage offer for the clients within 1 month of initial application.
Not only that but we secured them a market leading rate of 1.44% fixed for 2 years with an offset facility.
After raising circa £120k their monthly payments increase by only £300pm, Saving circa £800pm on their credit card repayments and allowing them to remodel the property into their dream home.