With an existing interest only mortgage of £650,000 on a 0.75 per cent lifetime tracker rate it was easier said than done for the Glaswegian homeowners to secure an additional £175,000 loan for substantial home renovations – even with a 55% LTV (loan to value).
That’s where Blimey Loans stepped in. Not wanting to lose their current mortgage deal, Blimey Loans were able to use their expertise and knowledge to offer a Second Charge mortgage for the full amount. At 7.7 per cent APR, the loan was slightly higher than a typical mortgage, but it did offer protection to the homeowners’ existing lifetime tracker rate.
Thanks to Blimey Loans the Scottish homeowners could roll their sleeves up and get their planned home renovations underway and what’s more, the introducer of the loan to Blimey also received a substantial commission in return.