Our clients – Mr & Mrs McE, got into financial difficulty in 2012 and, as a result, ended up having a default registered against their name/credit file in the sum of £3,600. They managed to clear the debt in May 2016 but their credit score was severely damaged as a result leaving them with only a ‘fair’ credit score.
They were looking to increase their existing mortgage of £150,000 to £160,000 in order to meet the cost of home improvements. Mr McE was 56 and Mrs McE was 55. They wished to take a repayment mortgage over a 10 year period in order to coincide with retirement dates. Despite a great improvement in their personal situation, especially with regards increased salaries and no other unsecured debt, previous attempts to seek a mortgage had all failed due to the low credit score.
With its contacts in the market, FOCUS was able to discuss the merits of the case with underwriters in the prime mortgage market and was able to secure the funding as required at standard market rates with a major high street lender. As a result, Mr & Mrs McE were able to enjoy the benefits of a very low fixed rate remortgage and benefit from the home improvements funding and a £256.00 per month reduction in their mortgage payments