Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home from Wednesday 18th March, but don’t worry, you can contact us in the usual ways. To find out more about our business continuity plan, please click here.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.

Residential remortgage for married couple to repay unsecured debt

We were approached by a married couple, both doctors, looking to remortgage their London home.

They wanted to raise capital to repay their existing mortgage and £50,000 worth of unsecured debt.

This was challenging to place as a lot of lenders had already declined the case due to the large amount of unsecured debt taken out over the last two years.

The clients were hoping to borrow 85% loan to value, which further limited the number of lenders willing to consider the application.  

We negotiated with a high street lender on the couple’s behalf and because they had high incomes and relatively strong credit profiles, the following rate was agreed.

Property value: £575,000

Loan amount: £488,750

LTV: 85%

Rate: 3.54% 5 year fixed

Term: 30 years repayment (capital & interest)

Lender arrangement fee: £995 (added to the loan)

Mortgage repayments: £2,205 pcm

ConsultantJeni Browne, 01732 471647

 

Consultant

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back