Mrs H is an existing client who was looking to raise finance in a hurry. The securing property was a BTL rented out property and there was already a secured loan on the property which she wanted to repay, along with several other debts which together were costing her £1,245 per month. She also needed additional cash to carry out some home repairs.
As the client had only recently started a new job she felt that meeting the lenders income and employment criteria could be an issue.
Fortunately, we were able to arrange an advance of £67,000 secured on her buy to let property, which allowed her to repay all her existing credit and raise £11,000 for the home improvements she wanted to make. The outcome was that she now only had to make repayments of £692 per month which was £450 per month lower than she had been paying.
As the loan was to be secured on a rental property there was no issue regarding the clients income as the income criteria is solely based on the rental income from the property.
The rate that had applied to the existing secured loan was 15.9% but a we were able to secure the new combined loan on only 10.95% we made a huge saving for the client.