Initial Enquiry

The Challenge

The Solution

After thorough research and discussions with multiple lenders, we were able to secure a mortgage solution that met all of the client’s objectives.

Despite the limited number of lenders allowing debt consolidation at 79% LTV, we successfully arranged a new 21-year mortgage of £379,000 on a fixed 5-year rate of 4.30%.

The Result

• Monthly payments reduced by £1,270, from £3,560 to £2,290.
• Secured a competitive 5-year fixed rate of 4.30%, providing payment stability.
• Simplified finances with a single monthly mortgage payment.
• Improved cash flow, allowing surplus income each month.
• Enhanced financial peace of mind with fixed repayments and reduced outgoings.
• This solution significantly improved the client’s financial position and provided long-term affordability and certainty.

How did this help?

This solution had a significant positive impact on the client’s financial wellbeing by providing reducing financial pressure and giving payment certainty.

Initial Enquiry

• The customer was seeking a solution that would:
• Avoid the costly SVR by securing a better mortgage rate.
• Consolidate both secured and unsecured debts.
• Reduce total monthly outgoings.
• Give peace of mind with fixed and predictable mortgage payments.
• Free up surplus income to improve monthly cash flow.

The Challenge

The Solution

After thorough research and discussions with multiple lenders, we were able to secure a mortgage solution that met all of the client’s objectives.

Despite the limited number of lenders allowing debt consolidation at 79% LTV, we successfully arranged a new 21-year mortgage of £379,000 on a fixed 5-year rate of 4.30%.

The Solution

• Monthly payments reduced by £1,270, from £3,560 to £2,290.
• Secured a competitive 5-year fixed rate of 4.30%, providing payment stability.
• Simplified finances with a single monthly mortgage payment.
• Improved cash flow, allowing surplus income each month.
• Enhanced financial peace of mind with fixed repayments and reduced outgoings.
• This solution significantly improved the client’s financial position and provided long-term affordability and certainty.

How did this help

This solution had a significant positive impact on the client’s financial wellbeing by providing reducing financial pressure and giving payment certainty.

Brian called, they have got themselves into debt and it’s becoming unmanageable, they want to raise as much as possible to clear debt. if not they may be forced to sell.

Credit cards and loans close to limits. £100k between them. credit scores have been effected due to limits on cards. however scores aren’t bad. His is 882 and hers is 845 on checkmyfile
Car finance costing £280 £19k outstanding which is to remain
PV around £340000
Mortgage currently £228k with Metro for another 2 years happy to pay ERC
Have recent BTL on property in London
Joint mortgage with wife
He is emp on £56000 lecturer
Wife is emp on £58000
2 children – full time school so no fees
he’s was honest and said he’s spoken to a broker who said he could not help them,, but he was unsure who they had tried and how many lenders they had on their panel

Challenges were the level of debt the clients had over £100k of unsecured debt
Also the loan to value required to get the max possible was 90% which is very rare for debt consolidation.

Spoke with lenders who could consider debt con at 90% then looked at calculators to check affordability and also checking lenders that did not have a debt to income ratio as the level of debt was too high to pass if the lender did, it was then down to getting through a successful decision in principle which we did.

The outcome for the client was that it has cleared £86,047 of credit card debt which has taken a lot of pressure of the monthly payments for these, it has also given a positive cash flow going forward of £734 which they can use to clear down any remaining debts they have and live a better life with their children.

Client has saved £30,157 over the mortgage term by consolidating the debt and the positive cash flow provided by consolidating means the other debts will be reduced far quicker meaning even further savings.

Feedback received from the customer

Customer’s initial enquiry

I first spoke to my customer on the 8th June 2020, he had fallen on hard times and this had affected his credit file. Resulting in 11 defaults, 6 late or missed payments and a missed mortgage payment along with 11 payday loan accounts.  He was looking for some support to improve his credit score with the aim being to be able to buy his first property in around 6 – 12 months. I caught up with him on a monthly basis and helped to guide him through the process of improving his credit file. During this time he paid off a number of debts and improved his credit score dramatically.

The challenges we faced together

Improving his credit file sufficiently, enabling me to find a mortgage lender that would be willing to offer him a mortgage to buy his first home.

What happened next?

I was able to successfully submit his application to a mortgage lender which allowed him to put in an offer on his first home.

How did this help the customer?

My customer was able to fulfil his dreams of being able to purchase a property following a very difficult period in his life. This reminds me of why I love being a Mortgage Adviser at The Mortgage Broker Ltd.

Feedback received from the customer

“Thanks for your help on this, you have been amazing”.