A client of 177 Mortgages wanted to buy the remaining 20% of their home to clear the balance under the Help to Buy equity loan scheme for £86,000 and consolidate £30,000 worth of loans and credit cards into one manageable payment but was declined for a mortgage due to affordability and low credit score. 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 clear the remaining Help to Buy equity loan balance and consolidate all their debts under one loan, saving the client £665 in monthly payments.
We were able to arrange £116,000 at 8.69% for 5 years allowing them to reduce the monthly costs on their debts and buy out the housing association so they now own 100% of their home!
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