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Case study: Complex mortgage case

Customer looking to raise finances for debt consolidation and home improvements

Author:
Eddie Lau

Published:
04 June 2024

In the complex world of finance, every client's situation is unique, often requiring tailored solutions to meet their specific needs.

Case study: Complex mortgage case

This was particularly true for a recent case where a customer was looking to raise £20,000 for debt consolidation and home improvements. Initially, the customer was considering an unsecured loan, but due to a poor credit score and high interest rates the customer shifted towards leveraging a mortgage instead, especially given the client's outright ownership of their property.

Despite encountering obstacles due to the property's location and perceived saleability, our expertise and in-house resources enabled us to secure the necessary funds quickly and at a more favourable rate.

Here's a closer look at how we navigated this challenging scenario.

Background:

Mr, 60 years old, looking for £20,000 for debt consolidation and home improvements.

What made the case interesting

The client initially wanted an unsecured loan, but the interest rate was too high, so they opted for a mortgage as they owned the property outright. After completing a fact-find, we found the property unsuitable for most lenders due to its location in a predominantly local authority development and its proximity to a retail park, which valuers believed would affect its saleability.

How did we help?

With 50 Years in the business, we're no strangers to complex cases like this.

We recommended a 5 year term in line with similar terms offered by unsecured lenders, whilst giving him the comfort of keeping his payments within his budget. In doing this the customer was able to consolidate his debts making a saving of £473 per month, with enough funds left over to carry out urgent home improvements.

We managed to obtain funds quickly at a lower rate than an unsecured loan, despite the client's low score and the property's type and location, by using our in-house lender.

Need help with a complex case? Get in touch.

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

Tags: case study, debt consolidation, home improvement, unsecured loan, secured loan

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