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

Consultant: Jeni Browne, 01732 471647

20th August 2015