We were able to secure the required finance via a second charge mortgage, using the customers’ main residence. The product was placed with a lender who offered a slightly higher income multiple than a first charge lender could offer, and they also disregarded the buy-to-let properties in the background.
The rate was very competitive at 5.2% variable at 75% LTV with no early repayment charges.
This enabled the customer to raise funds within 3 weeks and pay the mortgage off leaving the mother stress free in her property.
FIND OUT MORE about when a second charge mortgage can be useful