CASE STUDIES
Scenario: A directly authorised mortgage broker referred a client who was looking to urgently raise £60,000 to complete some much needed home improvements.
The client had only purchased the property 6 months ago and the client was tied into their existing mortgage deal for another 18 months with large early repayment charges. The client also had some historic adverse and charges on their property which we helped remove.
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Outcome: Selina approved a second charge for £60,000 with a competitive 5 year fixed rate product that no early repayment charges meaning the broker could do a remortgage in the future without the client having any early repayment penalties. It only took 3 weeks from our initial conversation with the client to completion meaning the client could get their home improvements completed as quickly as possible.
This was the first case this introducer had placed with Smart Money and he was very happy with the service, the speed of the completion and the fact he received half of the broker fee and commission after case costs had been deducted.
Scenario: A client required funds to purchase a business along with the premises but didn’t have the deposit required to purchase the premises. Smart Money raised £75,000 with a second charge mortgage on their residential property that enabled them to purchase the business and pay for the deposit to purchase the premises.
We then arranged a commercial loan to pay for the for remaining balance on the commercial premises.
CLICK TO READ THE OUTCOMEOutcome: The client received an attractive rate on their residential property on an interest only basis and the same rate on the onward purchase of the commercial property. A fixed rate and capital and repayment was available for the client however they opted to stay on the interest only product to keep their monthly outgoings low.
Scenario: One of Smart Money’s long standing introducers had a client who had agreed to purchase a property at auction. The purchase had been agreed through the clients Limited Company and they been given a tight timescale of 28 days to complete the transaction.
The property only had a short lease remaining which meant the introducer couldn’t place the case themselves. Due to the tight time constraints Smart Money referred the case and the lender agreed to complete the transaction with a lease extension to follow.
CLICK TO READ THE OUTCOMEOutcome: We agreed a 12 month bridging facility with the 12 months payments deducted which meant no affordability checks were required. The clients planned to exit the bridge by selling the property for a profit once the lease extension had been finalised.
A desktop valuation was agreed by the lender to save the clients any valuation costs and enabled the transaction to complete within 16 days of the deal being introduced to Smart Money.
Scenario: One of our Introducers couldn’t remortgage his clients to raise funds for consolidation due to their poor credit profile. They’d had an unfortunate life event resulting in them having to financially support a family member that left them over committed and relying on credit to get by.
The payments became too much and after falling into arrears they made arrangements to reduce their monthly payments. Due to these circumstances they also felt trapped on their existing high mortgage rate.
CLICK TO READ THE OUTCOMEOutcome: United Trust Bank offered them a market leading 2 year fixed rate at 80% LTV that resulted in a saving of £300 per month and allowed them to rebuild their credit profile so they could secure a better mortgage rate in the future.
Scenario: One of our Introducers contacted Smart Money Finance with a client who wanted to re-mortgage two flats to raise capital for investment purposes under one charge as he was also the freeholder of the whole building. They had recently completed a cash purchase of the property and converted it into the two flats.
They were unable to place this case with any of the traditional high street lenders due to the ground floor flat being a freehold and the first floor flat on a leasehold tenure with only forty-eight years remaining, which deemed the property not suitable for mortgage purposes.
CLICK TO READ THE OUTCOMEOutcome: We approached one of our specialist lenders and were able to complete a remortgage over both flats on standard terms and the client received their funds within 21 days of Smart Money Finance receiving the enquiry.
Click the case study introductions below to read more.
Outcome: Selina approved a second charge for £60,000 with a competitive 5 year fixed rate product that no early repayment charges meaning the broker could do a remortgage in the future without the client having any early repayment penalties. It only took 3 weeks from our initial conversation with the client to completion meaning the client could get their home improvements completed as quickly as possible.
This was the first case this introducer had placed with Smart Money and he was very happy with the service, the speed of the completion and the fact he received half of the broker fee and commission after case costs had been deducted.
Outcome: United Trust Bank offered them a market leading 2 year fixed rate at 80% LTV that resulted in a saving of £300 per month and allowed them to rebuild their credit profile so they could secure a better mortgage rate in the future.
Outcome: The client received an attractive rate on their residential property on an interest only basis and the same rate on the onward purchase of the commercial property. A fixed rate and capital and repayment was available for the client however they opted to stay on the interest only product to keep their monthly outgoings low.
Outcome: They were unable to place this case with any of the traditional high street lenders due to the ground floor flat being a freehold and the first floor flat on a leasehold tenure with only forty-eight years remaining, which deemed the property not suitable for mortgage purposes.
Outcome: We approached one of our specialist lenders and were able to complete a remortgage over both flats on standard terms and the client received their funds within 21 days of Smart Money Finance receiving the enquiry.
Outcome: We agreed a 12 month bridging facility with the 12 months payments deducted which meant no affordability checks were required. The clients planned to exit the bridge by selling the property for a profit once the lease extension had been finalised.
A desktop valuation was agreed by the lender to save the clients any valuation costs and enabled the transaction to complete within 16 days of the deal being introduced to Smart Money.