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Our introducer presented us with a case where the client needed to raise £70,000 for the completion of home improvement to increase the size of the family home, due to the recent addition of twins.
The client had been made redundant two years ago and fell behind on the payments for an outstanding credit card, which led to a default being registered on his credit file.
The client initially investigated the possibility of a further advance with his current lender but was declined due to the adverse credit that had been registered.
The client could have remortgaged away from his current lender to raise the funds, but this was only available at a rate of around 6%. This would have meant the client losing the benefit of his current 2% mortgage rate and also having to convert from an interest only mortgage to capital and interest.
After discussing the case with the broker, we were able to raise the full £70,000 needed to extend the family home and keep the current mortgage in place, along with securing a very competitive interest rate of just 4.7% on the additional borrowing.
This enabled the client to raise funds within just three weeks, and retain his existing low rate, interest only mortgage.
This shows, yet again, how a second charge mortgage facility can be utilised where a traditional remortgage or further advance does not provide a viable solution.
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