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This couple were close to completing a capital raising remortgage with a high street lender.  The additional funds were earmarked for a major extension to accommodate their growing family.  However, the lender withdrew the offer at the eleventh hour due to changes to their self-employed criteria during the early stages of the pandemic.


The main issue was that they had started the extensive building works leaving them with builders on site and no means to pay them.  They needed £60k within two weeks.


They spoke to their mortgage broker who referred them to Brightstar to explore whether a second charge mortgage would be suitable.


Brightstar were able to secure the full amount required which took the total to 85% LTV (first and second charge) at a rate of 6.49%. Once the works are finished, the expectation is that the LTV will reduce to under 75% LTV allowing for the client to potentially achieve a lower rate when they remortgage and settle the second charge.


The case completed within eleven days and the broker received a generous share of the enhanced lender proc fee for the referral.


Here’s what the client said:

We had been quite badly let down by our high street mortgage provider who decided at the last minute to decline our application for a mortgage extension because of uncertainties for the self-employed during the pandemic despite all our evidence showing that we were good to lend to. This was a great source of stress for us as we were already undertaking work on our property, our savings had been spent and we were suddenly thrown into uncertainty.

I was put in touch with Stewart at Brightstar who has been fantastic, throughout the application for a second charge mortgage Stewart has been helpful and reassuring, lightning fast to respond to any of my queries and entirely knowledgeable about the field and the most efficient and effective way to secure the funds we needed in the quickest time possible. Stewart has been a genuine support to us, being personable and approachable rather than the robotic and painfully slow responses from the customer service team at our initial mortgage provider.

Some people might hesitate to pay for a broker to help out in a situation like ours but to us the service was worth every penny, I dread to think what pickle of a position we would be in now if we hadn’t received help from someone who knew what they were doing! I imagine we would have had to turn to loans and credit cards which would have cost us much more financially and would have been a constant worry.

Thank you Stewart and the Brightstar team, we are ever so grateful for your help


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