The second charge mortgage market continues to grow and secured loans are being employed for an increasingly varied range of uses. However, the traditional loan purposes of debt consolidation and home improvements still form the majority of the proposals we receive and this recent case was a good example of a United Trust Bank second charge mortgage meeting a borrower’s needs quickly and efficiently.
UTB recently completed a circa £150,000 second charge mortgage for a single applicant on his main residence to enable the completion of some extensive home improvements. The applicant is a professional property developer who had recently purchased a property to be his home. He was in the process of carrying out several major improvements including a loft conversion and reconfiguration of the living area layout and needed additional funding to complete the work.
The application was received into the Bank’s Specialised Mortgage underwriting team with the works already well under way, so the funds were required quickly to facilitate the completion of the works within a tight timescale. Once the valuation was received it was evident that the works being carried out would substantially increase the property value and, bearing in mind the applicant’s profession and experience, we had no concerns with the quality of the works being carried out. Once all the other requirements were received, including the applicant’s latest SA302s, which confirmed his income was sufficient and increasing, the Binding Offer was issued to the customer and the introducer on-line.
Offers are accepted by returning the original Mortgage Deed, which the customer did in time for the Bank to release the funds to finish the works.
Both UTB and the introducer were pleased to meet the customer’s requirements, given the loan purpose and importance of a swift turnaround. At UTB we continue to work with our introducers to find quick and suitable solutions for customers’ individual needs.