Second charge mortgage on Brighton house to pay for renovations and protect a low lifetime tracker rate

Second charge mortgage on Brighton house to pay for renovations and protect a low lifetime tracker rate

Area
Brighton
Capital Raised
£300K

When you’re looking for additional finance on a property, you need to pay attention to the cost of your current borrowing (and hang on to a low rate, if you have it) and the cost of additional borrowing.

The Scenario

Our client needed funds to complete renovations on his house in Brighton, now valued at £1.8M.

But he had an excellent rate on his current lifetime tracker mortgage of base rate + 0.5%, which he understandably didn’t want to lose by remortgaging.

We needed to find the finance that would be most cost-effective for him overall.

And because he was self-employed, we needed to find a way of presenting his finances in the most advantageous light, which would also allow him to take advantage of a good year in business when he might be able to make additional repayments.

The Solution

The answer was a second-charge mortgage on his house which would sit behind his main mortgage, leaving its low rate unaffected.

We used the operating profits of his company in his affordability calculations, rather than his drawn income.

As a second charge mortgage, this additional mortgage was at a higher rate, but the lender we approached charged a very low lending fee and wouldn't charge for legals.

And this lender doesn’t impose early repayment charges, so if our client has a good trading year, he can pay off this additional borrowing.

We had a decision in principle from the lender on the same day the client approached us, and submitted his full application the following day. With a few days out for Christmas, the finances were settled in a month.  

In a similar situation? Please call our mortgage team on 0117 959 5094 or book a callback into our diary at a time that suits you.

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you 

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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Nick Kerley

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Louis Levine

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you 

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Fergus Allen

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Cardiff

0117 959 5094

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you 

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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. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

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Alex Chambers

Senior Private Client Adviser

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.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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Sam ONeill

Senior Finance Broker

Bristol

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

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