£370,000 debt consolation mortgage for client with credit cards and personal loans
Key features:
- £370,000 debt consolidation mortgage over 32-year term
- Repaid credit cards and loans and dramatically reduced monthly repayments
- 80% loan-to-value and 1.80% two-year fix
Our client:
Our client was a sales manager working for a large firm and he lived and worked in Surrey.
What was he looking for?
He was looking for a lender to offer him a competitively priced fixed-rate remortgage deal and raise funds to consolidate around £60,000 of credit cards and loans. He built up the debt to fund refurbishment work on his home.
Why was it difficult?
Many of the lenders have tightened their acceptance criteria and there are limits on the amount of debt clients can refinance. He also needed a lender to provide him with a five times income multiple and use his bonus income.
How did we help?
Trinity’s broker applied to a lender with one of the best policies for debt consolidation. He managed to remortgage the client onto a better-fixed rate, repay all the debt and raise slightly more cash to finish his property.
The new mortgage repayments were marginally more expensive than the old mortgage payment even though all the debt was repaid. The term was kept at 32 years.
What was the rate?
The 1.80% rate was fixed until 31/03/2022, and it had a £495 arrangement fee. After the fixed-rate period, the mortgage reverts to the lender's standard variable rate, which is currently 4.99%. The overall cost for comparison is 4.4% APRC.
Call Trinity Financial on 020 7016 0790 to secure a debt consolidation mortgage
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