Second Charge Mortgage To Fund Renovation Of A Property In Worcester - January 21, 2019

Area: Worcester

Loan amount: £210k

Worcester Second Charge Mortgage

We were contacted by a client based in Worcester who was undertaking a full renovation of their main residence in the city centre. At the time they contacted us the renovation project was underway, but in the fairly stages. They had removed the kitchen and bathrooms for replacement, however this now made the property in itself uninhabitable.

Prior to speaking to us they had contacted their bank to seek a further advance on their current mortgage. However, due to the fact the kitchen and bathroom removals had made the property uninhabitable they were not willing to supply any further funding to them.

Following the enquiry we assigned the clients to our Specialist Lending department. Following a fact find of the scenario with one of our advisers we were able to secure the funding for them to finish the work on the property by offering a short term lend that sat behind their existing mortgage charge.

Once the property was fully refurbished and habitable again we simply remortgaged the clients out with a high street lender, thereby repaying the loan.

Do you require second charge finance, or and other specialist finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.

Find out more about Second Charge Finance here.