We arranged a second charge loan for clients on work visas, helping them fund a home extension without remortgaging or incurring early repayment charges.
The clients—both German nationals living and working in the UK on special work visas—needed to raise £112,000 to fund a significant extension on their residential property. They approached us after their current mortgage lender declined a further advance due to the high loan-to-value (LTV) and loan size restrictions.
Remortgaging wasn’t a cost-effective option either, as they were only one year into a five-year fixed-rate mortgage and would have incurred substantial early repayment charges (ERCs).
We arranged a second charge loan that allowed them to keep their existing mortgage and unlock the funds they needed. The lender was willing to proceed based on the strength of the clients’ income, employment, affordability, and clean credit history, and was comfortable working with their current visa status due to the nature of their professional roles.
This solution gave the clients the flexibility to improve and extend their home without disrupting their current mortgage or facing heavy penalties.
