UTB recently completed a £35,000 Mini-Mortgage secured against the applicant’s home. The money would enable them to purchase a new car and repay their existing credit commitments with an overall lower monthly cost.
Our applicant had realised that their car was becoming a money pit. It regularly needed repairs and the costs of keeping it on the road were not going to get any lower. With the bills coming on top of their other outgoings, finances were feeling the pinch. They decided the answer was a more reliable car, but how could they afford it?
The customer spoke with a Credit Intermediary and completed a fact find. The applicant could see that by consolidating their outstanding credit as well as the funds to purchase a new car, their outgoings would be slightly less than they were currently paying, and there would be no more repair costs. Looking for certainty in their outgoings, they also wanted to take advantage of UTB’s 5-year fixed rate product. Following a fully advised sale, releasing some of the equity in their unencumbered home was the best solution and they were keen to progress the application as quickly as possible.
The application was submitted to UTB and allocated to an underwriter. With the Credit Intermediary also an approved UTB packager they ensured that the pack included the applicant’s last two months payslips and an automated valuation report, which negated the need for an in-person inspection. Within four days of receipt of the application we were able to issue the Binding Offer. At UTB offers are accepted by returning the original Mortgage Deed, which the customer did quickly and UTB released the funds to them 48 hours later. From application to completion in eight days.
Mini-Mortgage – £35,000
Term – 10 Years (5 Year Fixed rate)