Debt Consolidation Remortgage for a Self-Employed Borrower in Bristol
£310,000 · 25 years · 4.65% fixed 5 yrs. A self-employed plumber in Bristol was carrying £38,000 of unsecured debt across credit cards and a personal loan at rates of 12--21%.
The Client
Self-employed plumber
The Challenge
A self-employed plumber in Bristol was carrying £38,000 of unsecured debt across credit cards and a personal loan at rates of 12--21%. His mortgage was expiring and he wanted to consolidate the unsecured debt into the remortgage, dramatically reducing his monthly outgoings. Self-employed income assessment added complexity.
Our Solution
Doulton assessed two years of self-employed accounts and identified lenders whose income calculation would support both the mortgage balance and the debt consolidation. The monthly saving from consolidating the unsecured debt versus continuing to pay it separately was £890 - a powerful case for the consolidation despite the longer repayment period.
The Outcome
Remortgage and debt consolidation completed. Monthly saving: £890. The client used the freed-up cash flow to build an emergency fund and begin overpaying the mortgage. Self-employed income was accepted on two-year average basis. Key highlights: Self-employed income accepted - two-year average basis; £38,000 unsecured debt consolidated at mortgage rate vs 12--21%; Monthly cash flow improved by £890 - client began overpaying.