Objective
Our introducers client was seeking a £230k second charge mortgage for debt consolidation and home improvements. They had previously taken out a second charge for home improvements, and no wished to consolidate onto a better interest rate. They also wanted to undertake additional home improvements, including a new kitchen, bathroom, driveway and rear patio area.
Obstacle
Their current mortgage provider was unwilling to offer a further advance or remortgage up to the required loan-to-value ratio. Consequently, the client opted to switch to a new 5-year fixed rate deal on their existing main mortgage. To finance the improvements and increase equity in the property, they needed a 5-year fixed rate second charge mortgage alongside their main mortgage. Their plan was to refinance the entire amount onto a lower loan-to-value product in five years.
Outcome
Brightstar secured a 5-year fixed-rate deal at 8.99% up to 80% LTV. This not only reduced their existing second charge rate, but also provided the necessary funds to complete the home improvements.
The entire process, from start to completion, took just three and a half weeks. The existing second charge was paid and the remaining funds transferred directly to the clients bank account, allowing them to proceed with the home improvements/
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
