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A second charge solution potentially saved the customer £542 per month

Enterprise Finance

A mortgage broker approached Enterprise Finance with a client who wanted to raise £30,000.

The client’s main residence was valued at £480,000 with an oustanding mortgage of £280,000 on an interest only basis. The current monthly mortgage repayment was £758.

The client applied to his existing lender for a £30,000 further advance. The lender agreed but insisted on the entire balance being switched to repayment. The effect of this was a new potential monthly mortgage repayment of £1,511.

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