We secured a £100,000 second charge mortgage to consolidate existing unsecured debt and complete outstanding home improvements. By working with Admiral, the clients reduced their monthly outgoings by approximately £1,615, with a 5-year fixed rate of 5.77%.
We recently arranged a £100,000 second charge mortgage for clients who needed to consolidate existing unsecured debts while also raising funds to complete the finishing touches to their home improvements.
The clients were unable to raise further borrowing through their existing lender due to the level of unsecured debt already in place. A second charge mortgage provided a flexible alternative, allowing them to access the additional funds without disturbing their existing first charge mortgage.
Working with Admiral, we were able to consolidate the clients’ existing debts, reducing their monthly outgoings by approximately £1,615. The remaining funds were used to complete the outstanding improvements to the property.
The case completed on a 5-year fixed rate of 5.77%, giving the clients certainty over their monthly payments while allowing them to move forward with their home improvements.
The clients’ longer-term plan is to remortgage in five years and consolidate both borrowings into one mortgage, once the fixed-rate period has ended.
