They had maxed out the income multiple and affordability with their first charge lender, so a further advance was not an option. Their broker subsequently approached us to raise the finance as soon as they moved into the security property.

The lender we approached didn’t require land registry to be updated and allowed the client’s solicitor to register our lenders charge, this saved 2-3 months waiting for land registry to update. We were able to lend up to 75% LTV, the lender didn’t have a cap on income multiples and only assessed the client’s affordability which they deemed to be acceptable. We raised £94,000 at a rate of 4.99% with a 5-year fix. The client’s plan is to re-mortgage when their first charge mortgage fixed rate comes to an end in 5 years’ time, at which point they will amalgamate the second charge with the first. The completion took place just 3 weeks after the client moved into the property. We also have lenders who can go up to 100% LTV once the clients move in.