A second charge with a flexible approach to the exit
Our customers were in the final stages of a substantial refurbishment of their £3m home when they required a short term loan to complete the final works to their kitchen and bathrooms.
Our customers had an existing mortgage of over £800,000 but having satisfied ourselves as to the amount, nature and cost of the outstanding works to the security property the Bank agreed to lend on a second charge basis.
Although the customers’ preferred repayment route was by way of a remortgage, there were issues which may have caused difficulties in obtaining a competitively priced long term mortgage. Accordingly the Bank was willing to accept that its loan could alternatively be repaid by the sale of valuable personal artefacts belonging to the customers. The total loan was £106,100 with an LTV of 31%.