Case study: Restructuring finance through Shawbrook

Broker: Enterprise Finance

The client approached Enterprise Finance as he needed to raise money to clear the majority of his £69k credit and raise additional funds for some small home improvements. His first charge mortgage was on a very competitive rate so it was not in his best interests to remortgage.

Taking out a secured loan with Shawbrook Bank enabled the individual to clear his credit and restructure his finances into a more affordable monthly payment plan which saved him  £1,600 each month. His secured loan saw him receive funds of £81,030, on a 48.62% LTV.

Nico Gregoriou of Enterprise Finance, explains why he approached Shawbrook Bank.

“The client did not wish to disturb the low interest rate he had on his existing mortgage to raise the required funds.  It was more cost effective to borrow a smaller amount on a higher interest rate than remortgage on a repayment basis with early repayment charges, as his current mortgage was interest only.

“He wanted to reduce his monthly outgoings and have one manageable monthly repayment, but his mortgage provider would not grant a further advance.

“I approached Shawbrook with the deal as I know they offer competitive interest rates and the chosen product met our client’s needs, offering him a massive saving each month.

“The team at Shawbrook always looks to complete cases as quickly as possible and is always willing to assist introducers with alternative solutions to outstanding items which may have been requested by the underwriters. The turnaround from receipt of a fully packaged case to funding is unbelievably quick and is often on the same day.”

Maeve Ward, head of sales, secured lending, Shawbrook Bank, says: “Shawbrook Bank works in close partnership with Enterprise Finance to ensure that the customer journey is as seamless as possible. Both broker and lender treat all customers as individuals, looking at each and every deal on its own individual merits whilst lending responsibly. Through Enterprise, the customer was able to restructure his finance saving a considerable amount every month.”