The client was looking for a remortgage on their current main residence worth over £750k with over £430k outstanding but had been rejected by a high street lender who was unable to undertake a remote or desktop valuation. They needed to find a lender who would undertake their remortgage and offer the low rates of interest they were looking for as quickly as possible to avoid them going on to their standard variable rate.
Solution and lending facility
With access to every lender on the market and vast experience negotiating property finance of every kind, Private Finance’s brokers are equipped to find solutions to mortgage-related problems quickly and efficiently. In this instance our brokers, who are constantly in contact with lenders and abreast of the ever-changing criteria in this current market were able to speak to another lender who they knew would undertake a remote or desktop valuation on this type of property and with the requisite criteria, in terms of loan-to-value and loan amount.
They were able to secure the client a 2-year fixed mortgage at 1.24% who undertook a desktop valuation and made a formal offer to the client within 2 days enabling them to finalise the remortgage quickly and avoid going on to the standard variable rate.