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Case Study - complex credit remortgage and capital raising

How we help: Complex credit




Name: Lisa

Employment: Employed

Resi or BTL: Residential

Purchase / Remo: Remortgage

Amount borrowed: £200,000

LTV: 75%

Product: Vida 6


Lisa needs to raise some cash

The applicant wanted to remortgage her property and capital raise

an additional £25,000 for minor home improvements.


She has a bit of adverse credit

The applicant had some adverse credit, with 4 defaults and 1 CCJ registered 10 months ago. The balances of the defaults were £5,500 and the CCJ was £1,700.

! Good to know

We recently re-tiered our customer credit tiers, making it simpler to find out where your customer sits. We’ll consider defaults and missed payments. We’ll also consider CCJs, with no limit on the monetary value.


Redundancy set Lisa back

Unfortunately, the applicant was made redundant, which had a knock-on effect on her finances, and she was unable to find employment for 6 months.

However, she’s since found employment within the same line of work and has been employed for 6 months. She’s also made payments towards her adverse credit and the balances on these are reducing.

! Good to know

We consider all types of income when assessing affordability, from tips/ TRONC income, to second job income and overtime up to 100%


Providing the full story

The broker provided a full explanation of the situation in the story notes, and evidence of her improving financial situation could be seen.

! Good to know

Brokers love this feature, and so do the V-Hub! On the portal, when you’re keying a case, you can add explanatory notes and background information which helps contextualise the case for our Underwriter.



Have a case to discuss?

Contact the V-Hub, we’ll be happy to help!

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For intermediary use only. Not intended for retail consumer use.

Sorry - where is the common sense?


Person had already defaulted on debts prior to being made redundant...


.... and wanted to raise £25,000 for 'minor home improvements' (who would spend £25K on MINOR improvements when the proprety value is only around £260,000!!) - thereby increasing debts costs when their income was likely to be simialr to as at was prior to redundancy.

Surely the better option would have been 'repay what you owe' and avoid getting into further debt?


Sorry - I can't beleive this Case Study is either true - or it actually demonstrates appropriate advice hasn't been given!


 In other words - just because you can do something, doesn't mean you should.


Customer needed a common sense solution to cover their NEEDS - not put them more in debt to give them their WANTS (I am guessing, if it did happen, it covered next years holiday costs???)

This is Vida. 

The company that cancelled applications TWICE because of covid. 

The company that has made 2 lots of staff redundant in their long 7-8 year history. 

The broker only lender that does not care about brokers and will do them over at the first sign of trouble.

I doubt they would know what the right thing was even if it slapped them across the face. 

You not sitting on their table at the Mortgage Strategy Awards then?

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