We worked closely with specialist second charge lender Equifinance to provide a customer with a £50,000 loan to carry out much needed home improvements.
However, the case wasn’t straightforward. The customer’s first charge lender wouldn’t grant further borrowing and a re-mortgage wasn’t an option as the customer was on a preferential rate and favourable terms. The customer also had a CCJ, although it was satisfied twelve months previously, and their house was of non-standard construction with a timber frame and pitch glass fibre roof, ruling many lenders out as this sort of security isn’t often catered for. On top of this the first charge lender would not grant consent to a second charge mortgage.
However, our expert team liaised with our extensive lender panel, and it was through Equifinance that the solution was found. They assessed the case and helped provide the client with a no consent product from their new range of second charge products.
Equifinance were able to provide a solution that was affordable and enabled the completion of the much needed home improvements. The loan also delivered a reduction in the customer’s monthly outgoings, along with an improvement in their lifestyle and an increase in the value of their home once the improvements were carried out. The net loan was for £50,000 over 120 months.
Sam Kirtikar, managing director of Clever Lending, commented: “We know some clients can be in a very tricky and complex situation, but at Clever we don’t turn such cases away. We work closely with the broker and our lender panel to search out an appropriate client outcome. In this case Equifinance delivered a solution by expertly considering the case from every angle and quickly moving the case forward despite some unusual circumstances and non-standard security. An excellent example of a master broker and a specialist lender working together to deliver a positive solution for the customer. So no matter how complex a case may seem, just pass it through to our team and we’ll work hard to find the best solution available.”
Tony Marshall, managing director of Equifinance, said: “We manually underwrite each application and as such we review each and every case on its own merits. This in turn enables us to provide the best possible outcome for the customer even when their circumstances are complex. Working alongside Clever Lending, who have the same ethos of providing the best customer outcome, helped provide a smooth and efficient process for everyone involved.”