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Equifinance funds £50,000 ‘no consent’ second charge
Equifinance and Clever Lending have teamed up to deliver a £50,000 loan to fund a customer’s home improvements, despite it being a non-standard case.
The customer’s first charge lender wouldn’t grant a second charge, however remortgaging wasn’t an option due to the client’s current preferential rate and favourable terms.
Additionally, the customer’s non-standard property with timber frame and pitch glass fibre roof made it non-applicable as security for many lenders and they also had a CCJ, although it was satisfied 12 months previously.
Despite this, Clever Lending liaised with its extensive lender panel and found a solution via Equifinance.
The lender assessed the case and helped provide the client with a no consent product from its new range of second charge products.
Equifinance was able to provide a net loan for £50,000 over 10 years, which facilitated the customer’s home improvements and reduced their monthly outgoing.
“Working alongside Clever Lending, [which has] the same ethos of providing the best customer outcome, helped provide a smooth and efficient process for everyone involved,” said Tony Marshall, managing director of Equifinance.
Sam Kirtikar, managing director of Clever Lending (pictured above), said: “We know some clients can be in a very tricky and complex situation, but at Clever we don’t turn such cases away.
“We work closely with the broker and our lender panel to search out an appropriate client outcome.
“In this case, Equifinance delivered a solution by expertly considering the case from every angle and quickly moving the case forward despite some unusual circumstances and non-standard security.”
Last month, Clever Lending helped a customer settle their tax liabilities by arranging a £110,000 second charge mortgage.
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