The client was an employed lady with various investment properties, all of which were mortgaged. The client had some previous issues with her tenants in some of the properties and was looking to remortgage to a more favourable rate on order to reduce her monthly payments. Her income was a combination of salary and income from Land and Property.
The client wished to refinance the Buy-to-Let Mortgage and raise further capital whilst reducing the interest rate and monthly payments on one of her portfolio properties. She had historic credit issues due to tenants not paying which resulted in one of her properties being repossessed by the lender and the balance of the debt was still in dispute with.
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We sought out a specialist BTL Lender from our panel who was able to accommodate the adverse credit and the previous repossession to not only raise capital but also reduce the current rate of interest paid and her monthly mortgage repayment even with a larger loan.
We checked with a number of lenders regarding their specific criteria to ensure that the loan could move forward with the minimum of issues prior to our application.
Client’s often think remortgage doors are closed to them when they have adverse credit, however as a whole of market broker we can provide options for even the most complex of cases by using our knowledge set and resources available to us.
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