Brightstar assists client to avoid HMRC penalty

Our introducers client needed to raise £200k to settle a tax bill.  They had their former main residence on the market for sale at £600k and were settled into their current main residence, worth £900k; both properties were unencumbered.

The client had only 10 days to raise the funds before facing a substantial penalty from HMRC, which is a very tight completion deadline, even for short term lenders.

The current main residence was used as security to raise the required £200k.  The client was only required to pay for one valuation, despite the fact that the exit strategy was via the sale of their former residence.

Brightstar placed the case with a product that offered a rate of just 0.48% per month.  Completion took place within the required 10 days enabling the client to pay the tax bill on time and avoid penalty.

The introducer referred the client to Brightstar to provide the required advice and received 1% of the advance (£2k commission), for simply passing over a name and telephone number.

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