Versatility Case Study – unusual property, debt consolidation and downsizing
FOR INTERMEDIARY USE ONLY
Our specialist Versatility range is for complex circumstances and this case study shows how we’ve helped where there is an unusual property, debt consolidation and property downsizing involved:
- Remortgage with debt consolidation and capital raising
- Unusual property type – windmill in commercial use 2 days per year
- Interest only with property downsizing at the end of the 6 year term
We worked with a mortgage broker on a remortgage application from joint borrowers who owned a property attached to a windmill. The remortgage was at 30% Loan to Value and the applicants were looking to consolidate credit card borrowing and raise money for home improvements.
The application was on an interest only basis with property downsizing as the repayment strategy at the end of the 6 year term as there was enough equity in the property to meet the minimum requirement for downsizing (£150,000).
A restrictive covenant meant that the windmill must be open to the public 2 days per year and although unusual, we were happy to accept the restriction.
Interest only with property downsizing, capital raising and debt consolidation are all available across our prime residential range. We’re pleased to have helped the borrowers with a mortgage on our Versatility range given the unusual property and unusual legal status.
If you have a case that needs a little Versatility, call our Intermediary Support team on 01623 676360.
Visit our dedicated mortgage intermediaries microsite to use our online affordability calculator, download criteria guides and check exclusive products.
Through our online portal you can request a DIP and once approved, progress through to full application.