19-Day Debt Consolidation Remortgage reduces monthly outgoings by over £1,700

The Situation 

The client was paying over £2,000 a month on a £60,000+ debt total. Combined with their mortgage, the monthly expenses on these alone was around £3,700.

Furthermore, one applicant was self-employed whose year-on-year drawn income had increased by 40%. Their business had also made a loss in the previous year, although this was only because they invested in machinery. They needed a lender who would consider the latest year income only and who would understand why the business had gone from loss to profit year-on-year.

The mortgage broker advised the client that they could remortgage with West One in order to consolidate the debt and drastically reduce their outgoings.

Our Solution

Thanks to our flexibility and case-by-case approach, we were able to assess the client’s situation and deem them fit for a remortgage based on their individual circumstances. We were able to secure a remortgage for £340,381 at 72% LTV and a rate of 5.84% on a loan term of 32 years. Despite the complexity of the borrower’s income profile, we were able to remortgage in a mere 19 days, well below the industry average.

The Benefit

Other lenders might have shown the client away, but West One’s ability to make a tailored assessment of their income and business financials was vital in this case. Experience in assessing unique income situations and debt consolidation remortgages, also enabled us to arrange a remortgage in a less than 3 weeks, which was also possible thanks to our in-house legal team.