Property Value: £175,000
Loan Amount: £120,000
Rate: 2.13% 3 Year Fixed
Term: 35 years repayment
Mortgage Payment: £400 pcm
A couple came to us wanting to remortgage to consolidate some unsecured debt and get a better deal on their existing mortgage. Both were in full time employment with excellent credit ratings.
The clients were unable to secure a remortgage with their original mortgage lender that would allow them to lower their repayments as much as they wanted or extend their borrowing to consolidate their unsecured debts.
We sat down with the clients and gathered the information we needed to help them make an application for a remortgage on their property. The process went smoothly with no complications.
We arranged the client a remortgage which allowed them to reduce their monthly outgoings by half therefore providing them more disposable income each month. We advised the client to use some of the saving to overpay their mortgage which enabled them to significantly reduce the term of their mortgage.