Saving one customer over £500 a month with a debt consolidation second charge loan

The customer story

We were approached by a broker as this customer had several unsecured debts and was struggling to meet his monthly payments which added up to more than £800. The only thing was he lived in a type of property which was referred to as a ‘Wimpey no-fines house’. Such properties are types of social housing which were mass-constructed during the 1940s to 1970s and as such, it is sometime difficult to secure mortgages on them. Plus, the customer had only been in his existing job for less than a year.

Applying our insight

As the customer lived in a Wimpey no-fines house, we had to use our expertise to find a lender which would consider this case. It was also imperative to look for competitive rates and the best possible outcome for the customer to reduce his monthly payments.

An ideal solution

We were able to source a lender which offered him a new secured loan that allowed him to consolidate his debts and make just one affordable payment over 30 years, with a fixed rate for the first five. The customer was delighted with the outcome, which saw his monthly payment reduce to £260 – saving him almost £600 a month.

What we said

“Because Wimpey no-fines homes are constructed using non-traditional methods, it can be difficult to secure a mortgage on them. As we have access to so many lenders though we were able to find one which was happy to offer the customer a debt consolidation loan that allowed him to get his finances back on track.”