Together and mortgage distributer Brightstar Financial have joined forces to provide a residential remortgage in seven days, in order to help a customer free up money for home improvements.
The customer had bought her semi-detached home in Carmarthen, south Wales, for cash just over three months ago. However, she hadn’t realised that she could borrow money, secured against her home, for the renovations that she wanted to carry out on the property.
Because she had lived in her house for less than six months, she was struggling to secure the funding she needed from a mainstream finance provider, even though the improvements would add long-term value to the property, as well as paying off some existing debts.
Her financial advisor referred the customer to Brightstar who took the case to the specialist lender. Following consideration of her circumstances, Together agreed to provide the £41,000 funding.
Gina Blagden, head of residential mortgages at Brightstar, said: “We went to Together because the customer had owned the property for less than six months and some lenders won’t provide the funding needed in those circumstances. However, Together’s underwriting team looked into the details of the case and agreed to provide the full loan. The whole application process from underwriting to completion was a matter of days. It was great service from start to finish and the final outcome was a happy customer.”
Nick Jones (pictured), head of specialist distribution at Together, said: “The fact that we managed to provide the funds in such a short timescale is testament to the hard work of our introducers, underwriters and our common sense approach to mortgage lending.
“In this case, the customer hadn’t been aware of the options available to her, so it also highlights the value of talking to a good broker who will be able to explain all the different alternatives to would-be borrowers.”