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.
- 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.
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.