Making a splash with a second charge loan
A second charge loan from UTB can be used for a wide variety of purposes. The Bank recently completed a £70,000 second charge mortgage for a couple who wished to borrow the money to build a swimming pool in their garden and use the remaining funds to consolidate some of their existing debt.
Our customers reside in the suburbs of Surrey and, although the area isn’t known for its Mediterranean climate, one of our borrowers is a very keen swimmer and she had always wanted a pool in her garden. The swimming pool would not only enrich the couple’s lives but also had the potential to add value to their property.
The couple discussed their options with their Credit Intermediary, who was an approved introducer for UTB. Together they completed a fact find and established that as well as having adequate income to afford the new swimming pool they could also consolidate a previous loan taken for earlier home improvements. Within a week of submitting the application through our broker portal, we had issued the binding offer to the applicants.
At UTB, mortgage offers are accepted by returning the original Mortgage Deed, which the customers did the next day. The customers received the necessary funds less than two weeks from submitting their initial application and the works to build the swimming pool are underway.
UTB and the introducer were please to meet the customer’s requirements, especially given the unusual purpose of the loan. At UTB we work closely with our introducers to find quick and suitable solutions for customers’ individual needs.