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BRIGHTSTAR HELPS GROWING FAMILY SECURE FUNDS TO EXTEND THEIR HOME...

Objective

Our introducers client were looking to increase the size of their home to accommodate their growing family.  They required an advance of £100k on a current property value of £490k, taking them to 75% LTV (first plus second charge mortgage).

Obstacle

The case was introduced to us as the clients further advance had been declined at the 11th hour, due to the lender tightening their affordability criteria during the application process.

Outcome

Brightstar were able to secure the required funds within three weeks allowing the clients to build a double storey extension adding two extra bedrooms.  The estimated value at completion of works is £700k.

 

Summary of case:

  • Advance – £100k
  • Rate – 4.65%
  • Term –16 years to match the first charge mortgage, but the clients plan to remortgage on the higher estimated value of £700k when their fixed rate ends.
  • Commission paid to introducer – £1,597.50

 

SUBJECT TO STATUS. 

PRODUCT AND CRITERIA AVAILABILITY SUBJECT TO CHANGE OR WITHDRAWAL AT ANY TIME.

FOR INTERMEDIARIES ONLY.

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