Substantial second charge enables a property purchase for a parent
With the recent increase in our maximum loan size, United Trust Bank was happy to assist an applicant in purchasing a home outright for their mother using a £310,000 second charge mortgage.
Our applicant was looking for an apartment for their mother to move to. They wanted her closer to them while still being able to retain her independence and after viewing numerous properties nearby they finally found the ideal flat less than two miles away from their home.
The applicants discussed their options with their Credit Intermediary, an approved introducer for UTB. Together they completed a fact find and established that United Trust Bank had a loan that suited their needs.
They were keen to start the process quickly as an offer had already been made on the property. The application was received with the applicant’s last two months payslips and the valuation report. These enabled the Mortgage team to swiftly carry out the initial underwrite of the application and once the outstanding information had been received, which included details of who was going to be responsible for the upkeep of the apartment, the additional costs were included in the affordability calculation. Within a week the offer had been issued.
Offers are accepted by returning the original Mortgage Deed which the customers did in time for the Bank to release the funds to the solicitor instructed in the purchase just 48 hours later.