When a further advance was declined and speed was critical, a second charge mortgage provided fast access to £200,000 for urgent home improvement works — completed in just six days.
Our clients needed to raise £200,000 as a second charge against their residential property to fund urgent home improvements. Timing was crucial, as the funds were required quickly to secure tradespeople and begin works without delay.
The clients were partway through a fixed-rate mortgage, and their first charge lender declined a further advance, meaning a high street solution was no longer available. Based on their requirements, a second charge mortgage was the most appropriate option — allowing them to raise the funds needed without disturbing their existing mortgage.
We secured a product that met the full borrowing requirement, while also providing payment security and flexibility to suit the clients’ longer-term plans. Speed was a key priority, and from the initial client conversation through to submission, the application was completed and funds were released within just 6 days.
Thanks to the support of Admiral, and the collaborative efforts of Steffan Penry-Williams and Michael Walters, the process was smooth, efficient, and delivered exactly when the client needed it.
This case demonstrates how second charge mortgages can offer a fast, flexible solution for homeowners when high street lenders are unable to assist.
