Problem
Customer wanted a £50,000 loan and wanted to use the funds to pay off a help to buy equity loan they took out 5 years previously. The good news was that the value of their home had increased significantly over the last 5 years however the bad news was that the amount of the equity loan to be repaid had increased proportionately too. Equity loan borrowers don’t pay any interest on the debt for the first five years but in the sixth they pay 1.75% interest and for each subsequent year its 1.75% plus the rate of inflation based upon the RPI, plus another 1%.
Solution
After carrying out research including a soft quotation credit search one of our advisers referred the enquiry to one of our prime lenders based upon the merits of the case.
Outcome
The lender approved the referral within 90 minutes and the customer was very pleased.
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Lending Expert
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Loan Amount
£10,000 - £1,000,000
Representative APRC
7.1%
Loan Term
3 - 35 years
Loan Type
Residential
& Buy to Let
Status
Homeowners Only
Max LTV 100%
Our award winning broker of the year have made it to the top of our list as our No 1 recommended provider for homeowner and buy to let loans. They are independent and have access to the major lenders in the market.
Representative Example
