Reducing a self-employed customer’s payments by over £2,500 a month with a second charge

The customer story

We were approached by a broker whose customer was looking to consolidate £127,000 worth of debt. He actively worked as a dentist but was self-employed and contracted to BUPA, the British international healthcare specialist.

Applying our insight

As the client was self-employed, most lenders would only accept SA302s or accountant certificates, however, using our expertise and expert lender database, we approached lenders to see whether they would accept the customer’s remittance advice slips for proof of income instead.

An ideal solution

Since the remittance advice slips proved the client earned up to £9,000 per month, we referred his case to one of our lenders who accepted him on the basis he had been working as a dentist for a significant period of time. They agreed to proceed with an average taken from his last 6 months’ remittance slips.

This meant we could secure a 2nd charge loan (62% LTV) on a five-year fixed rate to consolidate the customer’s unsecured debts. This resulted in a significant monthly reduction which meant his payments decreased from £3,824 to £1,292.

What we said

“We were so pleased to be able to help this broker secure a decent solution for the customer which resulted in significantly lower monthly repayments. As always we utilised our extensive lender roadmap to find the perfect solution which lead to an excellent result.”