After restrictions on their main mortgage left our clients short of funds, we arranged an additional £50,000 just 20 days after completion, allowing them to begin essential renovations without financial pressure.
When our clients completed the purchase of their new home with Santander on 1st October, lending was limited to 85% loan-to-value due to income multiples. While this allowed the purchase to go ahead, it meant their savings were fully committed to the deposit — leaving no available funds for the essential improvements the property required.
To solve this, we arranged a second charge for an additional £50,000 of borrowing at 8.39%, structured over 25 years to keep monthly payments affordable. The process was streamlined, requiring only a simple TR1 form from their solicitor, and completion took place just 20 days after their first mortgage. This timely solution allowed the clients to begin renovating immediately, without compromising their financial stability.
