Mr N owns an unencumbered property worth £480k and wants to borrow £244k to consolidate his debts. This was split between a bridging loan of £156k on a property his mother lives in and £88k on unsecured debts. Mr N was forced to take the bridging loan option as he needed funds quickly, the unsecured debts are in joint names and were run up by his ex-wife during their recent divorce. Mr N is also self employed and in the process of buying his business partner out of the business.
Our response:
We reviewed Mr N’s application and although his bank account showed he was under financial pressure, we could see this was linked to his expensive bridging loan payments and unsecured debts. In addition to this Mr N's income has increased as he is now entitled to 100% share of the director's salary. We accepted the application and as a result Mr N's outgoings have been reduced by a massive £2,750pm.
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