Remortgage for Professional Landlord with 3 CCJs
The Client: A professional landlord with more than 15 years of experience. His 6-property portfolio mostly consists of 2 or 3-bedroom apartments in prime locations around South East London.
The Finance: The client's current mortgage deal was reaching the end of term and he needed to remortgage onto a new rate. He also wished to use this opportunity to release some capital with which to make a new purchase shortly after.
The Challenge: Unfortunately for the client a turbulent divorce, during which his finances were both disputed and disrupted, had resulted in 3 County Court Judgments (CCJs). The CCJs had significantly impacted his credit rating and was making it difficult for him to find suitable finance, at a reasonable price.
The Solution: Having spent time talking to the client and with a thorough understanding of the context of his previous financial issues which resulted in the CCJs, we were able to approach a lender to put across the client’s case on an individual basis. Based on what we were able to tell them about the background, together with the fact that in the 3 years since the divorce things had returned to normal, the lender was willing to accept and offer a reasonable rate. Here are the details: