Borrowers   |   Introducers

Full Debt Consolidation in 12 Days

May 2024

The situation – Due to the sizeable level of debt and affordability constraints, this particular case was referred to the TLP team by the clients’ existing mortgage broker to see if we could help their clients to consolidate all existing debts, into a much more manageable monthly outgoing. 

As you might have expected, the mortgage adviser had already exhausted the option of a further advance which would have been lighter on fees and rate, however, affordability would not release sufficient funds to allow a full consolidation, therefore failing to allow any further monies to be released and extinguishing the only advisable option the clients’ existing broker had at their disposal, aside from referring the case to a second charge specialist of course!  

ENTER TLP – Hugely experienced in debt consolidation of this nature, TLP advisor Simon was able to offer his expertise to explore how we could find the right solution for the client.

The Loan Partnership Simon Walsh

Our solutionIn order to ensure we offer the right advice in every case, Simon started with a quick call with the clients. From this initial discussion, it was clear that a second charge mortgage was the right course of action but it also allowed him to better understand the clients’ future goals and the opportunity. 

The clients were hoping to wrap their current mortgage into their consolidation loan in 5 years time, so it was vital that Simon find a solution that was on a 5-year fixed term to allow the clients to refinance without ERCs impacting at that future remortgage point.

Adding to the complexities, the loan required would have a high LTV, thus limiting the lenders that might consider this application. Still determined to deliver, Simon quickly used all of his established lender contacts to identify Pepper Money as the ideal lending partner and through his proactive communication was able to secure the clients a competitive deal for the full £94,000 on a 5-year fixed rate with a 23 year term, keeping payments palatable. 

Not only did this smart solution offer the clients a monthly reduction in outgoings of £1,286.35 but Simon and the TLP team were able to complete the deal in literally just 12 days from start to finish.

The feedbackMost importantly, the clients are now in a much more comfortable financial position with an ongoing strategy to achieve their overall financial goals.  Equally the introducer was thrilled with the service they and their clients received (not to mention the additional commission that they were able to earn as they received a 50/50 split of the commission) and they continue to work in partnership with the TLP team where they can step in and save the day.

Could your clients benefit from a speedy service with expert advice?

Get in touch today to discuss all the ways we can help your cases complete with minimal delays and hassle.