We secured a £145,646 second charge mortgage for a self-employed client looking to consolidate unsecured credit. By using projected income to support affordability, we delivered a solution that reduced monthly outgoings by £2,335 per month.
We recently arranged a £145,646 second charge mortgage to help a self-employed client consolidate unsecured credit and improve their overall financial position.
The client required a debt consolidation solution that would reduce monthly commitments and create greater cash flow flexibility. However, as a self-employed borrower, affordability presented a challenge. Traditional income assessments did not fully reflect the strength of the client’s business or future earning potential.
Working closely with Selina Finance, we were able to utilise projected income as part of the affordability assessment. This allowed the lender to gain a deeper understanding of the client’s business structure and the positive impact the proposed borrowing would have on their financial circumstances.
The result was a £145,646 second charge mortgage that consolidated unsecured credit and reduced the client’s monthly outgoings by an impressive £2,335 per month.
Importantly, the client was able to achieve this without disturbing their existing first charge mortgage, making a second charge mortgage the most suitable and cost-effective solution.
This case highlights how second charge mortgages for debt consolidation can provide significant savings for self-employed clients, particularly where specialist lenders can consider projected income and take a more flexible approach to affordability.
