United Trust Bank recently completed a £59,500 second charge mortgage for a married couple on their main residence to allow them to decrease their monthly outgoings and substantially increase their disposable income.
Our applicants realised that the payments due on their commitments were not reducing as they had hoped by making the minimum payments on credit cards and unsecured loan payments. These payments totalled £1,500 per month and were making a significant impact on the applicants’ available income and their quality of life.
After speaking with a Credit Intermediary, the applicants could see that by consolidating their outstanding credit into one affordable loan they could reduce their outgoings by £1,000 per month. Following a fully advised sale they saw this as the ideal solution to increase their disposable income and were keen to progress the loan as quickly as possible.
The application was submitted to UTB and allocated to an underwriter in the morning. Because the Credit Intermediary was also an approved packager who ensured all the required documents were submitted on day one, we were able to issue the Binding Offer before close of business on the same day.
Offers are accepted by returning the original Mortgage Deed, which the customers did in time for the Bank to release the funds 48 hours later.
Both UTB and the introducer were pleased to meet the customers’ needs, given the loan purpose and the importance of a swift turnaround.
Term 15 Years