Every Mortgage Tells A Story: Dave and Carol’s Christmas Hangover

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Meet Dave and Carol. They had a great Christmas but had to put a lot of costs ‘on the card’ and are now working out how to pay off the extra debt whilst keeping their monthly repayments as low as possible. Like the average person in their position, at the current rate of repayment, they are still going to be paying for Christmas 2019 in July 2020. They have a number of debts - including credit cards and overdrafts  - that they are servicing in addition to making their monthly mortgage repayments. Their mortgage broker thinks that they might benefit from consolidating their debts at a lower interest rate, thereby reducing their overall monthly repayments and taking back control of their finances in 2020.

Dave and Carol would like to remortgage their property up to 75% LTV but they missed a couple of small utility bill and credit card payments 7 months ago and the property is an ex-Local Authority flat with balcony access, so they have been declined by high street lenders. Their broker knows that Vida is one of the few mortgage lenders who will consider all aspects of this case in combination.

If you have specialist clients who need to consolidate their debts, why not call a specialist lender like Vida Homeloans? A short conversation with one of our experienced telephone BDMs will help you pinpoint the pressure points that are making the case difficult to place with a mainstream lender. The case might be easier to place than you think!


In summary

  • Want to remortgage their property to consolidate their debts and reduce their overall monthly repayments
  • Want to borrow 75% of the value of the property, excluding fees
  • Missed a couple of small utility bill and credit card payments 7 months ago
  • Property is an ex-Local Authority flat with balcony access