My client in this instance was a teacher, living in a property valued at £500,000 in south-east London. He was looking to remortgage, partly for debt consolidation purposes. He had a number of unsecured credit cards that had been used for home improvements (thereby increasing the property’s value).
He also wanted to raise funds for a buy to let purchase; he had his eye on a property out in Kent, and wanted to raise £300,000 in total. We therefore needed to find a lender who would accept the dual purpose of the loan.
Enness was recommended to him on the basis of our high quality service and extremely fast solutions, and he approached us with a set of requirements that made the case slightly more complex.
My client was in his mid-50s, and he was making significant pension contributions which put a strain on affordability during lenders’ checks. He also needed the term of the loan to extend past state retirement age, something which many lenders are uncomfortable with.
My biggest challenge during this case was the timeframe. In order to allow him to complete on the buy to let purchase he needed a quick solution, meaning I had less than a month to turn it around. He also wanted free legal work, which generally slows the process down considerably.
I approached a lender which offers Enness some exclusive rates – in other words, rates other brokers don’t have access to. I was hopeful they would be happy to issue the loan in full, within the required timeframe.
I managed to secure the £300,000 remortgage my client wanted, with the term extending until he reaches the age of 70, at a rate of 1.54% - an exclusive for Enness. Even better, I did it with a day to spare, meaning he avoided paying the expensive standard variable rate.