The Client Background
A mortgage broker approached Positive Lending on behalf of a client looking to consolidate debts accumulated through home improvements and a car purchase.
Remortgaging was not an option because the client was tied into their existing mortgage product until June 2028, meaning a change would incur significant early repayment costs (ERCs).
When the client approached their existing lender for a further advance, it was declined due to their level of unsecured debt, leaving the broker in need of an alternative route.
The Loan
Product: Second Charge Residential Mortgage
Lender: Interbridge
Loan Amount: £72,807
Monthly Payment: £837.29
Rate: 6.183%
LTV: 49.90%
Broker Commission: £728.07
Process: Positive Lending advised
The “Positive” Solution
Assessing the client’s circumstances and objectives, Positive Lending recommended a second charge mortgage. Handled on an advised basis, the team sourced a facility with Interbridge for £72,807 at a 49.90% LTV.
This allowed the client to release the equity from their property without disturbing their first charge mortgage or waiting until their current deal ended in 2028.
The “Positive” Outcome
The client secured a £72,807 second charge mortgage with Interbridge at 6.183%, with monthly payments of £837.29.
This successfully consolidated their debts into one manageable monthly payment while preserving their existing first charge mortgage.
Why Choose Positive?
A declined further advance doesn’t necessarily mean a client’s plans have to stop. A declined further advance does not mean a client’s plans have to stop. When clients are locked into an existing mortgage, a second charge provides a way to raise additional funds without disturbing the primary arrangement.
Positive Lending works with brokers to look beyond obvious options, assess full circumstances, and identify specialist lenders to support cases that fall outside high street criteria when other lenders says no.