The situation – Given the cost of living crisis and having accrued a significant amount of debt from property renovation over the last five years, the clients’ finances were starting to get into an uncomfortable situation. Wanting to reduce the pressure, the clients started to look for affordable debt consolidation options.
Based in Devon, the clients discovered The Loan Partnership online and got in touch to discuss the latest second charge mortgage rates and find out how much they may be eligible to borrow. Senior advisor Emma stepped in to offer her expertise.
Our solution – Taking the time to fully understand the clients’ needs, Emma started with a quick phone call with the clients. This allowed her to quickly get to grips with not only their immediate financial requirements but also their ongoing financial situation to ensure she provided the right long term solution.
By understanding their current monthly outgoings and their existing mortgage details, Emma suggested that the clients would be able to secure a £145k second charge mortgage to consolidate their debt into a single monthly payment, while also creating a monthly reduction of £1812. This would obviously massively reduce the financial pressures that the clients were facing.
On top of this, knowing the clients’ ongoing situation and that the couple were expecting salary increases when their existing mortgage is due for renewal in three years, Emma recommended a product that would allow them to remortgage at that point and tie the secured loan into with their existing mortgage and further reduce their outgoings long term.
Having done this due diligence and using her advanced market knowledge within the second charge sector, Emma was able to secure an affordable second charge mortgage for the clients with West One Loans, with a term to match their existing mortgage to make the payments as cost effective as possible.
Understandably the clients were thrilled with the results and they are now enjoying a much more comfortable financial situation with a long term strategy to keep their finances in check.
Get in touch today to chat to one of our debt consolidation experts, who can discuss your options and find an affordable solution.