Self-builder has excellent grounds for a second charge loan

Self-builder has excellent grounds for a second charge loan

With the cost of buying a home continuing to increase, many would-be buyers have been shut-out of the housing market. A recent United Trust Bank customer found a solution, he built his own.

Our applicant had already obtained a stage release self-build mortgage and had completed enough of the build to obtain the required 10 year build warranty and building regulations sign off. The interior was virtually complete and he had been residing in the property for some time and now wanted to make the outside as good as the inside! However, he’d spent all of his budget completing the house and didn’t have the funds to start his ambitious landscaping plans.

UTB were happy to consider a substantial Second Charge loan to finish the drive and gardens (and a few finishing touches to the kitchen). The application was submitted together with the applicant’s income and other documentation required by the underwriters. The binding offer was issued the following working day. With UTB, offers are accepted by returning the original Mortgage Deed, which the customer did, and within a week the landscaping was underway.

Loan: £110,000
Term: 20 years



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