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YOUNG FAMILIES
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Overview
Meet Michael and Mia
They’re looking to remortgage as their five-year fixed rate is due to expire. The last few years have been financially challenging for the couple. First COVID and now the rising cost of living.
The couple got married on the third attempt in 2022, having initially planned to marry in late 2020. They have one young son, born in August 2021.
Their costs have steadily risen over the last few years, and their full-time salaries haven’t increased at the same rate.
Special circumstances
Difficulties keeping up with the cost of living meant they had to use unsecured credit. A personal loan was used to make final payments on both their wedding and honeymoon.
With all their savings going into their home, first child, and wedding, Michael and Mia had some months where they ran out of money. It meant several missed payments on the unsecured credit. They always prioritised their mortgage payment, which they never missed.
How we helped them
The couple were looking to make their finances more manageable when they remortgaged. The price of their home had risen over the last five years, so their broker suggested raising additional capital to clear their unsecured debt and free up money in their monthly budget.
Their missed payments and higher LTV likely meant their high street lender wouldn’t accept them, so their broker recommended Pepper Money. We helped them raise the capital for debt consolidation, did not factor in the missed payments and did not ask for credit scores during the decision-making process. All of which meant they could secure their new mortgage.
If Michael and Mia remind you of your customers, get in touch today.
Key criteria
Criteria that could benefit couples with unsecured debt
Debt consolidation up to 85% LTV
Recent unsecured missed payments not factored
No credit scoring
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