How We Helped Our Clients Raise £140,000 Without Refinancing
When our clients approached us, they required £140,000 to cover debt consolidation, a Buy-to-Let (BTL) deposit, and home improvements. However, they were locked into a low fixed-rate mortgage at 2.08% with Halifax for another 18 months. Their introducing broker was keen to preserve their current favourable rate, making a re-mortgage an unattractive option. The challenge was further compounded by the client’s employment status, as their payslips showed a variety streams of income and additional pays. To secure the required funds, we needed a lender that would accept additional income beyond just the basic salary. By providing three months’ payslips and a P60, we successfully demonstrated 100% of their income for affordability calculations.
Rather than disturbing their current mortgage and incurring potential penalties, we sourced a second charge loan as the ideal solution. This allowed the clients to raise the full £140,000 without compromising their existing low-interest rate. With the second charge in place, they were able to clear outstanding debts, secure their BTL deposit, and complete home improvements without financial strain. This case highlights how second charge loans can be an effective way for homeowners to access additional funds while protecting their existing mortgage deal.
