Cash for home improvements raised on a rental property

Area
Warrington
Capital Raised
£40K

Finance for home renovations without saddling yourself with long-term debt? A second-charge mortgage with no early repayment charges was the answer.

The Scenario

Our client wanted to pay for some renovations on his home in Warrington – but he didn’t necessarily want to carry the debt long-term by extending his residential mortgage. The sum he wanted - £40K – was larger than he could access as personal loan from his bank.

The Solution

The answer was to take out a second charge mortgage on his nearby rental property, which was valued at £335K.

We found him a variable rate capital repayment deal, over 20 years for 5.99%, that would cost him a manageable £292 a month.

Why this deal (a variable rate, and capital repayment only)?

Because this was the only second-charge mortgage product available on a buy to let that didn’t have any early repayment charges.

And our client was keen to remortgage his main residence as soon as the building works were completed, using the added value on the property to pay off this extra lending.

Attaching it as a second charge behind his original BTL mortgage left his original low fixed-rate intact keeping his overall borrowing costs to a minimum.

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.

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