Case Study
Georgia Walton, supported by Amy Schofield, recently completed a £135,505 second charge loan to support debt consolidation and provide additional funds for home improvements. The facility was secured at 53% LTV with a rate of 6.40%.
With the client tied into a highly competitive fixed-rate mortgage and facing early repayment charges, remortgaging was not a suitable option. A further advance was also declined by Santander, making a second charge mortgage the ideal solution, allowing the client to retain their existing mortgage while accessing the funds they required.
Despite the case being passed on an AVM, it completed successfully with consent to follow post-completion. The loan enabled the client to consolidate £77,000 of existing debt, reduce their monthly outgoings by approximately £440, and raise additional capital to complete the remaining planned home improvements, without the need to take on any further unsecured borrowing.
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