Helping a homeowner with renovations

Customer situation

Our client wanted to add a double-storey extension to their home. They needed £66,000 to make it happen.

Challenge

Despite their efforts to get a further advance, they faced disappointment. They were declined due to the loan to value (LTV) ratio being too high.

• Property value: £630,000

• Mortgage balance: £521,000

• Total income: £150,000 per annum

• LTV: 94% (post-loan and including fees)

Solution

Our team looked at their situation and came up with a plan. Even though their LTV ratio was high, we found a way to get them the £66,000 through a secured loan.

Outcome

By arranging this solution, they got the money they needed to complete their home expansion. Now, they can add value to their property and make their dream home a reality.

Important note

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.