Secured Loans
66% LTV Second Charge Loan to Fund Major Property Refurbishment
Sometimes, funding major home renovations can be challenging, especially when extensive works and planning permissions are involved. However, for this client, our experienced team of brokers structured a seamless second charge solution that provided the capital they needed to transform their property without delays or complications.
£169,200 Second Charge Loan for Major Home Renovation Works
Our client approached us seeking finance to undertake extensive renovation works on their residential property. With a total project cost of £290,000, they required additional funding beyond their recent remortgage. By structuring a second charge loan at 66% LTV, we helped them access the capital needed to complete their plans quickly and efficiently, without unnecessary delays or complex valuation requirements.
The Challenge
The property required significant renovation and structural work, rendering it uninhabitable for approximately six months. The client needed funding to cover the remaining cost of works after maximising borrowing through a remortgage.
Key challenges included:
- Securing finance for a property undergoing extensive renovation
- Obtaining planning permission and detailed architectural quotations to support the application
- Managing the timing between the remortgage and second charge to ensure funds were available when needed
What We Did
We worked closely with the client to identify the most suitable funding structure, ensuring that the second charge complemented the existing mortgage arrangement. To achieve this, we:
- Secured a £169,200 second charge loan at 66% LTV with Interbridge
- Used an AVM (Automated Valuation Model) despite the property’s renovation status, saving time and avoiding the need for a full inspection
- Coordinated the process to follow immediately after the client’s remortgage, ensuring a smooth transition and full funding for the planned works
The Outcome
Our proactive approach enabled the client to move forward with their home renovation confidently and without delay.
- Access the full £290,000 required for their renovation project
- Avoid the time and cost of a full valuation process
- Commence major improvement works on schedule following planning approval
By structuring a flexible second charge loan, we ensured the client had the capital and confidence to complete their ambitious home transformation project efficiently and effectively.
