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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:

Property Details

Property value: £650,000

Loan amount: £440,000

LTV: 68%

Rate: 2.09% 5 year fixed

APRC: 3.5%

Term: 35 years capital and interest

Lender arrangement fee: £999 added to loan amount

Mortgage payment: £1,478 pcm

Original mortgage payment: £1,688 pcm

Consultant mortgage adviser: Ashley Jone01732 471694 or 07853829939

Are you looking to raise capital for your big day? or perhaps to fund property improvements? If so, give our residential team a call on 0345 345 6788.


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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.