Second Charge Mortgage Success
A client urgently needed £490,000 but couldn’t remortgage without losing their low first-charge mortgage rate. Their income was solely derived from profits from UK land and property, which posed a challenge as most lenders would not consider the majority of this income. Fortunately, Selina—one of the few lenders capable of utilising this income type—stepped in and offered up to 6x income, subject to affordability.
Using the client’s residential property valued at £1,675,000 (with a mortgage balance of £654,651) as security, we secured a second charge mortgage at a 5-year fixed rate of 8.39% with no early redemption charges. Thanks to Selina’s efficient process and the use of their internal solicitors, the application was completed in just 10 days (1st to 11th November).
This fast and effective financing allowed the client to meet their urgent funding needs while maintaining their existing favourable first-charge mortgage rate. Selina truly were the stars of the show, delivering a seamless solution tailored to the client’s unique circumstances.
