In this instance I was working with a female client who was mid-way through her divorce and needed a high value remortgage on her house in South-West London as a consequence. The house was presently unencumbered but she needed to raise capital of £850,000 in order to pay her husband a settlement using the funds from the high value remortgage.
Whilst this sounds fairly simple, one of the problems was that she was self-employed as a fashion designer and her income – approximately £180,000 – had fluctuated over the last couple of years. That meant I had to find a lender happy to lend with inconsistent remuneration even for some self-employed.
She also had multiple credit cards and had accumulated some bad credit due to missed payments. This can negatively affect your credit rating, as I am sure you know.
My client’s age was also an obstacle to overcome. She was in her mid to late fifties – a fact which makes most lenders cautious due to the probability of borrowing past state retirement age and the ongoing affordability from then.