Using a desktop valuation of £3.1m and a pragmatic approach, the client was able to access funds quickly without delays.
Fast Second Charge Finance for Large-Scale Home Improvements
We recently completed a £350,000 second charge mortgage to support a client undertaking a major home renovation project, with total build costs of approximately £1.1 million.
The case required a flexible and common-sense lending approach, as the client was not currently residing in the property due to the scale of the works. This meant a standard high street solution was not suitable.
Working closely with Admiral, we were able to structure a solution that met the client’s needs while keeping the process moving at pace. A desktop valuation of £3.1 million was used, removing the need for a physical inspection and helping to accelerate the transaction.
The timeline highlights the speed and efficiency achieved through strong collaboration:
- Case submitted Tuesday
- Agreed Wednesday
- Offered Thursday
- Completed Friday
To support the application, we provided:
- A detailed schedule of works and costings from a Quantity Surveyor
- Confirmation from the builder on project completion timelines
- Insurance documentation confirming the property was covered while unoccupied
- Additional rental commitments factored into affordability
Despite the complexities, the case was handled swiftly and efficiently, ensuring the client could continue their renovation project without disruption.
This case demonstrates how second charge mortgages for home improvements can provide fast, flexible funding, particularly where properties are undergoing significant works and traditional lenders are unable to assist.
