For some property owners there comes a time where a remortgage is needed to cut down on monthly outgoings. This was the case for a family who approached us looking for a remortgage on their property.
The Challenge
This family approached us seeking to remortgage their property after being declined by several lenders due to a history of bad credit in their business accounts. They wanted a like-for-like remortgage to reduce their monthly payments as they were currently with a tier-three lender and paying over £3,000 a month. While their personal credit history was fine, they had accrued bad credit in their business accounts due to the impact of COVID.
The Solution
After a full fact find our team found that they were running three cars, and by selling one it would enable them to clear all of their credit card debt and give them a better credit file. In addition to this, due to our team’s expansive knowledge and experience at Moorgate Finance, we were able to get an offer formally issued with a High Street bank. This was a more beneficial High Street rate than they were previously on and allowed the customer to save over £1000 a month. Overall, this meant that Moorgate would have saved the customer £60,000 on a five-year fixed rate.
The Highlights
✅Customer was looking to remortgage their property to reduce monthly payments
✅Their personal credit was clear, however their business credit was poor due to COVID
✅We were able to get them a much lower rate and reduce their monthly outgoings by £1000
✅The remortgage meant Moorgate saved the customer £60,0000 over a 5-year fixed rate
Give us a call on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to start the conversation.