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
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