After discussing the merits of the application with a selection of our lenders, we managed to obtain an agreement in principle with a fixed interest rate of interest for 3 years at 10.9% with no early repayment charges.
This enabled the client to raise funds within 3 weeks, achieve a substantially reduced monthly payment through settling numerous high interest rate credit cards. The product carries no ERC penalties which gives the opportunity to remortgage as soon as the first charge mortgage rate expires.
This case study shows how second charge mortgages can be utilised when clients are tied into their main mortgage & are unable to borrow further funds in order to reduce their monthly outgoings. We welcome any of our broker partners to contact us to discuss such applications.
FIND OUT MORE about how a second charge mortgage could benefit your client