A second charge loan is the first choice
United Trust Bank’s Specialist Mortgages team recently received an application through a Master Broker for a £100,000 home improvement loan. The purpose of the loan was to complete an extension on a house in Cirencester and to finish a full redecoration of the property. The joint applicants are both self-employed in the event management industry.
The application was underwritten on the day it was received, with a valuation and ID the main items which remained outstanding. The valuation was completed two days later, by which time ID had also been provided allowing a Binding Offer to be issued. The Mortgage Deed was promptly returned to us by the customer and the loan paid out. From receipt of the application to the loan completion, only 6 working days had elapsed. This application was very straightforward and would traditionally have been a typical candidate for a remortgage. However, compare the 6 day turnaround to the time it takes to complete your average remortgage and it’s no wonder the second charge loan market is growing so quickly!
Loan amount: £100,000