As the sector continues to grow, second charge mortgages are being used for an increasingly wide variety of purposes. Although the majority of the second charge loans United Trust Bank provide are for customers wishing to complete home improvements, consolidate existing debt or a combination of the two, we are providing a growing number of customers with the funds for more unusual uses.
For example, we recently completed a circa £150,000 second charge mortgage for a couple wishing to use the majority of the funds to pay for their two children to attend a private school. The remainder was used to consolidate some existing debt.
The second charge was to be secured against the borrowers’ home and the first applicant, and main wage earner, had been an employed Director for just over 6 years. The second applicant planned to return to full time employment shortly and this allowed us to obtain evidence of affordability for the term. All the other requirements were received within a few days, including evidence of income and a satisfactory valuation report. This enabled us to quickly send the Binding offer to the customer by post, and the introducer on line.
UTB Offers are accepted through returning the original Mortgage Deed, which the customers did in time for the Bank to release the funds to pay the school fees directly.
Both UTB and the introducer were pleased to meet the customers’ requirements, given the loan purpose. At UTB we continue to work with our introducers to find quick and suitable solutions for customers’ individual needs.