All your mortgage needs – A case history

Applying for a mortgage is always a stressful time, however the right help and advice from a good mortgage broker can make a lot of the worries disappear.

One of our clients (let’s call him X) contacted us as he was paying a staggering £3,400 per month for his current mortgage.  He had £35,000 remaining and that was due to be repaid in less than 18 months and he feared that he was balancing on the cliff edge as he was unable to continue making these huge payments. In addition he had debts totalling £43,000 on unsecured facilities which were costing him a further £1180 per month.

His joint income with his wife was approximately £70,000 (before tax) and he was just managing to get through the month although often he was increasing his unsecured debt just to make ends meet.

We immediately put X in touch with Arieh Zucker of Windfall Finance in order for Arieh to help him refinance the loans.

X had applied to one of the High Street lenders and although they used Experian to check his credit rating and he achieved a score of 977/999, they just didn’t like the profile. There is a general aversion in the market towards excessive debt consolidation especially when the debt to income ratio is so high. In addition, X’s age was against him as he is over 65 and by this point, lenders are already looking for mortgages to be repaid.

Arieh was able to arrange a £90,000 mortgage for X bringing down his monthly cost of servicing the debt from £4580 to £1595. The £90,000 enabled X to repay all his unsecured debts and do some essential repairs to his house with the balance of the funds. The £1595 monthly payment was on a repayment mortgage over five years during which X still expects to work and, during this time, the payment would be very manageable compared to what was being paid previously.

The transaction took 12 days from submission of the application to completion and our client has expressed his appreciation and gratitude for the excellent advice and service received.

We have developed a close relationship with Windfall Finance so that you can draw on their experience and expertise to meet all of your mortgage needs.

Please contact Jeremy De Lord at Cogent on 020 8952 2234 for further details. You may receive preferential rates from Windfall Finance if you are a client of ours.