The Ask
Our broker approached us with their client, who was looking to consolidate an existing unsecured loan and raise capital for home improvements.
The client had recently purchased their property outright following a downsizing move and wanted to install a new kitchen.
The Challenge
The client owned their property outright, so there was no mortgage history to refer to, and very little unsecured credit to help assess affordability. There were also some historic arrears on the credit file, caused by a past life event that was no longer affecting them.
Speed was essential to avoid delaying their planned home improvements.
The Fix
Luckily, our underwriter was onsite at the broker’s offices when the enquiry came in, allowing us to move the case forward quickly.
We used our Prestige 0 product to provide a £14,000 first charge secured loan at 8% LTV, priced at 8.25%. While the borrower had a limited credit history, they had been keeping up repayments on their existing unsecured loan with similar monthly payments, which gave us confidence that the loan was affordable.
Any historic arrears were over 12 months old and related to past circumstances that were no longer relevant.
With underwriting handled directly from the broker’s office and requirements agreed up front, the case moved straight through underwriting. Final checks were completed by the office-based team, and the offer was issued the same day using AVM and DocuSign.
The Outcome
The secured loan completed within five hours of submission, giving the borrower access to funds on the same day.
This meant there were no delays to the planned home improvements, and the borrower was able to consolidate their existing debt into a simpler, more manageable structure.
This case highlights Masthaven Finance’s practical approach to limited credit history and how we work closely with our brokers to keep cases moving quickly.
If you have a secured loan case that needs to move quickly, get in touch with the team. We will give it a quick sense-check and tell you what’s realistic.
