Earlier this year our BDM, Ian Stockley, answered an enquiry from Mat Stock of Matthew Stock Mortgage Solutions – Mat’s clients were struggling to find a lender to assist with a self build mortgage for their large scale renovation project.
Previously, the clients had approached a different broker, who went to another lender – but the application was downvalued and declined. Luckily for them, when they spoke to Mat, he knew to contact us.
The case:
- Two ‘older borrower’ applicants aged 55 and 57, seeking a 13-year term
- Remortgage of £300k required to fund a significant extension to their property, which was purchased for £385k. Once the works are complete the valuation is expected to be around £1.2m
- Plans included investment in feature pieces to complement the style of the extension, including a £4k feature staircase
- Eco-friendly build including air source heat pump and natural cladding
Due to delays with previous lender the clients needed urgent funds to continue and complete their build.
The result:
Our sales and lending teams were able to work closely with the broker and found a way to assist the clients with the mortgage they needed, with the case completing in just under a month.
Now, the build is almost complete with just the kitchen and bathrooms to be fitted. Once the property has been signed off and a final valuation received, the borrowers will be able to switch penalty-free to one of our standard residential mortgage products should they choose to do so.
