They needed to raise £104,000 for debt consolidation and home improvements. Their existing mortgage with Halifax was fixed until October 2027, and remortgaging for additional borrowing would result in high Early Repayment Charges (ERCs).

When they applied for a further advance, their request was declined due to a low credit score. This credit issue stemmed from missed payments on some unsecured credit, which had occurred during a transition in employment. Compounding the problem, one of the clients had been in their new job for less than 12 months, making it harder to secure traditional financing options.

Despite these obstacles, we found a suitable financial solution. This new arrangement allowed the clients to raise the necessary funds without incurring the high ERCs. As a result, they were able to reduce their monthly outgoings by £500. This saving included the extra borrowing for home improvements.

With the secured funds, they completed essential renovations on their Buy-to-Let (BTL) property. These improvements enabled them to increase the rental income, thereby boosting their profit.