Case Study
With their 100-year-old home’s roof beginning to fail and an urgent £45,000 repair bill looming, the clients were faced with a serious challenge. Their existing mortgage – a £236,421 loan with Santander – was only one year into a five-year fixed term, and remortgaging would have resulted in a hefty early repayment charge of £11,821. Exploring a further advance also proved unworkable, as Santander required the entire mortgage to move from part interest-only to full capital and repayment, which didn’t suit the clients’ current financial position.
Stewart Simpson stepped in to help find a more suitable solution. After assessing the situation, he sourced a second charge mortgage at a competitive 5.87% fixed rate for 5 years, with a 3-year early repayment period. This gave the clients the financial support they urgently needed while maintaining flexibility – enabling them to revisit their options at their next mortgage review in 2029.
Thanks to Stewart’s swift action and expertise, a mortgage offer was secured in just three working days. With the funding in place, vital roof repairs were able to begin the following week, ensuring the property was protected from further damage.
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