A client of 177 Mortgages found a new Buy To Let property but was short of the deposit money to complete the purchase and also wanted to consolidate some debts that had been built up over time. The client applied for a further advance with his current lender but was refused due to affordability. 177 Mortgages referred the client to 177 Structured Finance for a second charge loan.
Through our knowledge and expertise of the financial market, we were able to secure a 2nd charge loan to allow them to borrow the deposit money and half his current monthly payments on his current unsecured debt, increasing the clients monthly disposable income.
We were able to arrange £136,000 at 8.84% for 2 years allowing them to reduce the monthly costs on their debts and buy the new BTL property.
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