Clients wanted to borrow a £30,000 loan to complete an extension on their end terrace property. They were 12 months into a 2 year fixed rate with the Halifax and their broker could not find a 100% LTV remortgage, the existing lender coincidentally would not consider a further advance either.
After carrying out research including a soft quotation credit search one of our advisers referred the enquiry to one of our lenders based upon the merits of the case. At this LTV we had three lenders who would consider this application and with limited options in theory more difficult to place however in practice and our expertise , we found a solution.
The lender approved the referral within an hour for the amount requested with a rate of 11.5% at 100% LTV.
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This provider is our Expert’s Choice in its category as it won tops marks for the following.
- EXPERTISE & KNOWLEDGE
- CUSTOMER SERVICE
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£10,000 - £1,000,000
3 - 35 years
& Buy to Let
Max LTV 100%
Award winning broker of the year Smart Money have made it to the top of our list as our No 1 recommended provider for homeowner and buy to let loans. They are independent and have access to the major lenders in the market.
Representative example: Assumed borrowing of £29,095 over 120 months, with a fixed borrowing rate if 4.4% per annum for the first 60 months, followed by 60 months at the lenders standard variable borrowing rate of 4.05%. There would be 60 monthly instalments of £300.14 followed by 60 instalments if £295.00. Total amount payable £36,016.20 comprised of; loan amount (£260,000); interest (£6918.20); Broker fee (£2600) Lender fee (£465). This would result in an overall cost of 7.1% APRC