Couple raise £10k for wedding and reduce mortgage payments by £200 pcm
The Clients: A recently engaged couple from Kent approached us looking to refinance their home for two reasons:
1. They wanted to reduce their monthly mortgage payments
2. They wanted to raise £10k to put towards their upcoming wedding
Both applicants are in full-time employment – one works locally within retail, the other is in a management role in the city.
The Property: A 5-bed detached house in Swanscombe, valued at £650k. A perfect family home with excellent connections to the city.
The Finance: Sitting on an interest rate of 3.9% the couple wanted to refinance to take advantage of the lower rates on offer. They were particularly keen on locking in for five years.
The Application Process: After assessing the current options available, we decided to approach a high street building society. We helped the couple complete the application form and collate the supporting documentation which included:
- Proof of ID from both applicants
- Proof of address dated in the last two months
- One months’ payslips from both applicants to be submitted to the lender (MFB requests 3 months’ for compliance purposes)
- Three months’ personal bank statements
We submitted the application on a Friday afternoon and by the following Wednesday we had an offer. The couple were more than delighted with the offer presented to them – not only did they release £10k for their wedding, their mortgage payments were also set to reduce by over £200 per month!
Instead of instructing a standard valuation, this particular lender agreed to “drive-by” valuation. This type of valuation is based purely upon a surveyor’s confirmation of value and property location.
The case completed one month later. Here are the details of the deal: