Smart Money can provide a Second Charge Mortgage for refurbishment purposes.
At Smart Money we are noticing a growing trend for clients using Second Charge Mortgages for renovation purposes. The rise in popularity for the use of Second Charge Mortgages are due to clients deciding to stay put in their existing home. The cost of moving to a new house, hassle involved and the relaxation of planning regulation for extensions is a major contributing factor.
One of our recent cases involved a client who was Self-Employed and looking to borrow £50K for refurbishment of his existing property. On this occasion the client could not re-mortgage as it did not fit with their current lenders affordability and the client had ERCs amounting to £4840 on the fixed rate mortgage. The client managed to secure a 15-year term at 3.69% with one of our specialist lenders. The case completed within three weeks which allowed the client to carry out the work on his existing property.
We could work with your clients to ensure the right outcome is achieved whilst providing you with updates, allowing you to focus on your core business. Or you can be more involved and provide the advice yourself leaving just the packaging to us.