Poll
Equifinance provides £100k second charge mortgage
Equifinance has helped to improve three key aspects of a client’s finances by arranging a £100,000 second charge mortgage.
The client was recommended to Equifinance by a broker after they struggled to get the finances required for debt consolidation and home improvement with their first charge lender due to a small payment issue two years earlier.
Since the payment problem, the client had kept up with all payments in an exemplary manner, but because they were on a low fixed-rate mortgage still within the early repayment charges period, it wasn’t wise to consider a remortgage.
A second charge mortgage was chosen as the high loan amount excluded the possibility of unsecured funds.
The client required the £100,000 loan to clear credit-card debt, resulting in a lower rate repayment than they had been paying on their cards, and to undertake some essential home improvements and repairs to their property.
These improvements would result in the house increasing in value should they wish to sell, while clearing the credit-card debt and maintaining repayments would also help repair their credit profile.
The client’s affordability was good as they were in full-time employment with a steady income, a good two-year repayment record across all outgoings and plenty of equity in the property at 45% LTV.
“This is an excellent example of how second charge mortgages are a real option for many customers looking to not only get their finances back on track, but also enabling a borrower to increase the value of their primary asset – their home,” said Tony Marshall, managing director of Equifinance.
“And in addition, opening up a route to a better remortgages product in the future through an improved credit profile.”
Tony added that the awareness of the many uses of second charge mortgages was growing and it’s cases like this that highlight a series of benefits to customers looking for a positive outcome even when a mortgage lender has turned down further finance.
“Being a specialist lender in this sector, we can work through an application and look for ways to provide homeowners with the funds they need to improve their house and clear debts that have built up over the years.
“We take the view that there is usually a way to lend and work with brokers and clients to that end.”
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