Objective
Our second charge team recently assisted this client burdened with unsecured credit resulting from a comprehensive property renovation.
Obstacle
The client’s financial situation required consolidation of debt, but traditional options such as remortgaging or further advances were not feasible due to considerations of debt-to-income ratio and affordability.
Outcome
A £55,000 second charge mortgage was arranged to consolidate the unsecured debt, reducing their £1,720 monthly payment to just £414; this aligned with the client’s budget of under £500 per month.
The solution provided slashed the client’s monthly expenses by £1,306, offering significant relief while ensuring financial stability.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
