Case Study: Efficient Bridge Exit via BTL Remortgage

We helped find a tailored solution by securing a buy-to-let remortgage for a client exiting a bridging loan after an IVA and recent CCJ

Our client, a 42-year-old facing a complex financial situation, needed a swift and decisive solution.

Fresh from an IVA and with a CCJ on their record, they were under immense pressure to exit a bridging loan before time ran out.

Traditional lenders were cautious, but we stepped in to secure a buy-to-let remortgage within an incredibly tight four week timeframe.

This tailored approach not only provided immediate relief but also showcased our ability to navigate challenging circumstances with speed and precision, and by combining our financial expertise with decisive action, we delivered a result that exceeded expectations.

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Background:

• Client: Miss, aged 42
• Scenario: Exiting a bridging loan shortly after coming out of an Individual Voluntary Arrangement (IVA) with a recent County Court Judgment (CCJ).

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What made it interesting?

• The client was under significant pressure to secure a mortgage to repay the bridging loan.
• Due to her recent IVA and CCJ, the broker faced challenges in finding a lender willing to offer a suitable product.
• The case was referred to a specialist who conducted a Hometrack valuation, saving time and allowing for swift packaging and submission to a lender.
• Despite the complexities, the case was successfully completed within 4 weeks, enabling the client to exit the bridge on time.
• The broker retained the advice fee and earned a portion of the procurement fee, making it a win-win situation for both the client and broker.

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Product Details:

BTL Remortgage:

• Loan Amount: £249,547
• Term: 180 months (15 years)
• Interest Rate: 7.59% (fixed for 5 years)
• Monthly Payment: £1,630.37

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This case highlights the importance of quick, strategic action and expertise in navigating complex financial situations, ultimately providing a timely and effective solution for the client.

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Need help with packaging a complex case? Get in touch.

01709 321665 | broker.services@norton-finance.co.uk