A Second Charge Mortgage could be used for home improvements

A Second  Charge Mortgage could be used for home improvements…

Clients wanted £27,000 for a kitchen and bathroom refurbishment, garden landscaping and general decoration of their property and to repay Mrs’s Barclaycard balance of £3,000. They also did not want to increase their overall monthly outgoings too.

The existing mortgage was in Mr’s name only as Mrs has had a default for a disputed mobile phone bill for £1500, and an historic IVA for unpaid student debts. Mr was unable to re-mortgage due to affordability so the broker spotted the opportunity for a 2nd charge mortgage as Mrs could be added to the new mortgage taking her income into consideration together with her adverse credit.

We Placed the enquiry with Prestige Finance at a rate of 3.99% fixed for 2 years which allowed them to complete their programme of various home improvements and met their objective of not increasing their overall monthly outgoings. The transaction was completed in 15 working days from the receipt of the initial enquiry.

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