The Client Background
A mortgage broker approached Positive Lending on behalf of clients looking to consolidate unsecured debt accumulated over several years from family needs, vehicle problems, and unexpected veterinary bills.
Their existing lender declined a further advance due to the loan purpose and debt to income (DTI), while a full remortgage was unattractive because it would trigger £10,000 in early redemption costs (ERCs). The challenge was finding a way to raise funds without disturbing the current first charge mortgage.
The Loan
Product: Second Charge Residential
Lender: Interbridge
Loan Amount: £32,566.37
Monthly Payment: £318.68
Rate: 9.452% fixed for 3 years
Broker Commission: £651.33
Process: Positive Lending Advised
The “Positive” Solution
After assessing the circumstances, Positive Lending recommended a second charge mortgage as an alternative. The team sourced a £32,566.37 facility with Interbridge, allowing the clients to consolidate their credit while keeping their existing mortgage intact. Handled on a fully advised basis, the case moved from initial enquiry to completion in just 14 working days.
The “Positive” Outcome
The clients successfully secured the £32,566.37 second charge mortgage with Interbridge, fixed for 3 years at 9.4% with monthly payments of £318.68.
This enabled them to consolidate their borrowing into one manageable monthly payment, avoid a £10,000 ERC, and move forward quickly.
Why Choose Positive?
When a further advance is unavailable and remortgaging could trigger a substantial penalty, a second charge mortgage offers a practical alternative.
Positive Lending works alongside brokers to evaluate options, navigate complex criteria, and find solutions where traditional lenders says no.