A self-employed couple in their 60s were on the brink of losing their family home – but were saved when Together agreed a new finance deal.
Their previous lender had refused to remortgage their £1.15m house and had threatened court action against the husband and wife, who are both 64-year-old directors of their own company, when the interest-only mortgage expired.
Initially, the bank was demanding the married couple repay the full outstanding balance of £745,000, after it refused a new deal. This was because of their ages and the fact they only had one year’s trading figures for their new start-up venture.
They were “very worried” their home would be taken from them as repossession proceedings loomed, said a spokesman for Chaseblue Loans.
However, knowing its reputation for delivering against tight deadlines, the specialist distributor brought the case to Together, providing all the documentation needed by the lender’s underwriting team.
Together instructed a surveyor and, within hours of receiving the valuation report, offered the couple an interest-only mortgage at 65% loan-to-value (LTV) over a three-and-a-half year term, to pay off the balance on their current mortgage.
And, even taking into account time for the couple to take independent legal advice because of the relatively large loan size, the case completed the next working day.
Nick Jones, pictured, head of specialist distribution at Together, said:
“We worked closely with Chaseblue, carefully ensuring that we didn’t add to their clients’ stress levels, which were already incredibly high in light of them potentially losing the family home.
“It was a really well packaged case, which allowed us to carry out all the processes needed as swiftly as possible. The mortgage we’ve provided now gives the clients more flexibility to sell on their own terms when they’re ready.”
Ben Gillespie, director of Chaseblue Loans, said:
“Together showed they wanted to help the clients and that the deal made perfect sense for all involved. The customers had one full year’s accounts showing they had traded very successfully and the second year’s projections looked equally good, with further growth expected.
“Throughout, Together’s team showed a real passion for the case and worked with us to complete by the deadline.”