Securing a second charge loan for an agency worker with a less-than-perfect credit score

Client story

Our client approached us as she wanted to consolidate and clear a bridging loan and other unsecured debts. Despite being married, she wanted the new loan in her name to match the property and existing mortgage. The client already had a mortgage on the ex-council property, which was still in the pre-emption period, with a product transfer being arranged.

Although she had recently left her previous employer, she was due to start a new role and had a second job at an agency, which she’d been doing for several years. The client had also missed a few payments on her unsecured credit during the year.

Applying our insight

We approached the lenders we knew would offer secured finance on properties within their pre-emption period and to clients who are married but require single applications. We reviewed the options available and decided to place the case with Equifinance.

A second charge fitted the situation well and would work alongside the product transfer. The client asked for a short term of five years, so although we were not making the client any savings each month, this was not her priority.

She was offered a £52,000 second charge loan with an LTV of 44%, which worked out at 8.5% fixed rate for the first three years.

What we said

“As the client was still in her probation period with her new job and her second employer was an agency, Equifinance considered her case. The second charge loan allowed her to clear her bridging loan and consolidate all other debts into one manageable monthly payment, which made her life much easier.

“This was an interesting case and we were happy to help this lady, who may not have been able to secure this finance if she’d approached a broker which didn’t have access to as many lenders as us.”

Find out more about our second charge solutions.