£250K second-charge mortgage with complex income

Area
South-west London
Capital Raised
£250K

The Scenario

Our clients bought their £2.15M, 6-bedroom house in south-west London for their growing family with the help of a £125K family loan towards their mortgage deposit.

Four months later they were looking for additional borrowing to repay that loan, and an additional £125K for a small "permitted development" extension and new kitchen at the back of the house.

The issues: most lenders won’t consider a second-charge mortgage within six months of purchase. And the husband has a complex income, as a professional investor.

The Solution

The cost of the planned home improvements are just over 5% of the property’s value, which is very acceptable to lenders. The total LTV was 75%.

We focused the application on the wife’s HNW income as a banker, and arranged a personal meeting with the relationship manager of our recommended lender to persuade them to make an exception to their six-month rule.

The couple already have substantial mortgage commitments, on their own home and a Cornwall holiday property which is let out for 10 months of the year. So we proposed this additional borrowing over a 25-year term, but with no ERCs: the monthly servicing costs are as low as possible, and the couple can repay early with maturity of separate investments.  

Nineteen days from application drawdown of funds. 

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

Contact Us