Residential remortgage at 80% LTV for married couple to consolidate debt

A married couple approached us looking to remortgage their home in Manchester.

They wanted to use the capital raised from the refinance to consolidate their debt, consisting of their current mortgage and loans taken out to fund home improvements.

The couple were hoping for 80% LTV which limited the number of lenders willing to consider the application. As well as this the couple were also hoping to reduce their monthly payments of £520.

We approached one of the high-street banks and discussed the deal on the couple’s behalf.

Happy with the couple’s income, the bank offered the following terms.

 

Property Details

Property value: £100,000

Loan amount: £80,000

LTV: 80%

Rate: 1.88% 2 year fixed

Term: 18 years capital and interest

Lender arrangement fee: Nil

Mortgage repayments: £440 pcm

Consultant: Erin Gallacher, 01625 416392

 

11th April 2017