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Declined further advance, remortgage options too expensive

Second charge mortgages

Objective

A customer wanted to raise £70,000 to extend the size of the family home due to the recent addition of twins.  The customers first charge mortgage lender declined their application for a further advance due to acquiring adverse credit since taking out the mortgage.

Obstacle

The customer had been made redundant 2 years prior, and had missed some payments on a credit card that led to an unsatisfied default.

The customer had looked at re-mortgage options but the applicable rates for their current circumstances was in the region of 6% and would mean they’d lose their current mortgage rate of 2%.

Outcome

After discussing the case with the introducer, Brightstar were able to raise the full £70,000 on a very competitive rate of 4.7% whilst keeping the current mortgage in place.

 

READ MORE about when a second charge mortgage can be useful

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