Remortgage - case study

How we helped Mike get the re-mortgage he was looking for

Mike first approached Caenstone after trying to re-mortgage his home with his current lender. He was looking for a new re-mortgage deal as his current rate was coming to the end of its fixed period plus, after extensive home improvements, he was looking to raise additional capital to repay money that he’d borrowed.

A large proportion of Mike’s income came from an annual bonus and he was hoping to use it as part of his eligibility for the loan. Unfortunately, his existing lender had stopped accepting ‘bonus income’, leaving him short of the amount needed.

After discussing Mike’s requirements and bonus history, we were able to offer several options from a lender happy to accept the bonus income and, more importantly, offer the mortgage Mike needed to repay the money that he’d borrowed.

The lender also offered Mike the flexibility to make part of the mortgage interest-only, improving his cash flow and allowing him to make overpayments when his bonuses were paid.