Our client approached us as he wanted to consolidate his outstanding debt and raise additional funds to carry out home improvements. His existing repayments for his £35,000 worth of debt with various lenders added up to more than £1,000 every month.
As he was self-employed though, he had been previously declined by a lender for the £67,800 required to settle his debts and carry out the works to his home. This is because the lender wanted to base the application on the client’s previous two years’ accounts.
However, his income was increasing, and he hoped to find a lender which would use his most recent SA302 as proof if income, rather than an average of the past two years.
After reviewing the situation, we secured a two-year fixed-rate second charge mortgage with no early repayment charges for the full amount required with Masthaven. After consolidating his outstanding debt, the client’s monthly commitment nearly halved, with him just having to make one payment of just over £600 towards the second charge mortgage.
“Fantastic service from a very helpful and knowledgeable team. I was informed every step of the way and really could not ask for any more from the advisors who handled my enquiry and were exceptional throughout the whole process. I cannot recommend Clever Lending highly enough!”
“Second charge finance is a great solution for a range of circumstances and is becoming increasingly popular – particularly for those who want to consolidate their debts and carry out improvements.
“We handled this case for the broker and worked with the client directly. It’s a great example of how important it is to fully understand someone’s situation and how having access to a wide range of lenders enables us to provide solutions for brokers’ clients who they otherwise may have not been able to help.”
Find out more about our second charge solutions here.