A Comfortable Consolidator completes a Debt Consolidation mortgage with the help of Chine Financial completes difficult case

UK credit card utilisation is growing at its fastest rate for 15 years. Economists have speculated the reported April’s £1.4bn rise in credit card balances could be evidence of the challenges middle and low-income households are facing due to the cost of living crisis. Therefore, it is increasingly important mortgage lenders can provide inclusive lending solutions to allow customers to restructure their finances.

Chine Financial has completed a hard to place case for a Comfortable Consolidator with Pepper Money, helping the customer with a Let to Buy mortgage to fund an onward purchase and capital raise for debt consolidation.

The broker was working with a self-employed customer who wanted to borrow 85% LTV on a property in the South West of England valued at £495,000 to finance a Let to Buy and onward purchase. The customer also wanted to raise additional capital to consolidate existing debts. However, the customer was self-employed, needed to use their most recent year’s accounts for affordability, and had Defaults and mortgage arrears on their credit file, which made the case hard to place.

As a specialist lender that is both able to lend to self-employed customers based on their latest year’s accounts, and provide mortgages for Let to Buy, the case fitted criteria for Pepper Money. An individual approach to underwriting also meant that Pepper was able to understand the reasons for the customer’s credit problems and make a decision to lend based on their future ability to maintain the mortgage.

The result was that the customer was able to succeed in their plans to move home with a Let to Buy mortgage, whilst also consolidating their debts.

Visit our Comfortable Consolidator page to find out how Pam Farmer from Chine Financial was able to assist.