Loan amount: £48k
We were contacted by an existing client after they were contacted by HMRC, who were demanding a substantial tax payment from them which they did not have available at the time. They had demanded that payment be made to clear the account within 7 calendar – or he would incur further charges to the balance.
Having heard of specialist finance being used to solve such issues they contacted our Specialist Lending team for clarification. After taking into account all the details of the client’ situation we were able to act quickly by putting a second charge bridging loan against his main residence to ensure the money was available in time. This then allowed him the funds to pay the tax bill within the required time.
The second charge bridging loan was then repaid by remortgaging his property out with a high street lender.