We recently helped a local family who were facing the devastating reality of having to sell their home. With over £10,000 in unsecured debt and stuck on their lender’s Standard Variable Rate (SVR), their monthly payments had become unmanageable. To make matters worse, they’d been told they couldn’t remortgage due to affordability constraints.
How Path Mortgages tackled it
After being turned down by other lenders, they got in touch with us at Path Mortgages to see if there was anything we could do. We took the time to fully understand their situation and identified that a Joint Borrower Sole Proprietor (JBSP) mortgage could be the answer. This type of mortgage allows a family member to help with the affordability side of things, without being added to the property deeds, so the homeowner retains full ownership.
Why does it work?
By using a JBSP mortgage, we secured a new deal that not only kept them in their home but also reduced their monthly repayments. We were also able to release some equity from the property, which was used to clear the £10,000 debt completely.
Now, they’re enjoying lower monthly payments and a fresh, debt-free start, without the stress of having to move.
We often speak to people who’ve been told “no” elsewhere, but there are more options out there than many realise. If you’re finding it hard to remortgage or struggling with debt, get in touch for a free consultation, we’re here to help.
