Together and Loans.co.uk save customer’s property plans with £500k loan

By Bridging Loan Directory 4th June 2024

A high-profile customer has secured a second charge mortgage of £500,000 to carry out improvements to his home, whilst purchasing a new property.

The substantial loan, provided by specialist lender Together, will be used to purchase a new property, whilst also making improvements and securing a sale on his current home.

The four bedroom detached property to be sold, worth £3 million, will be completely renovated, with the fit out of a new bathroom, en-suite and kitchen as well as new flooring and underfloor heating.

Despite being high-net worth the customer encountered issues securing the finance he required.

Time was of the essence; having been let down by a previous lender and through the entire process once, a past default on his record meant that he was struggling to find a lender willing to accommodate him.

The customer approached broker Loans.co.uk for help, and their expert team brought the case to Together to secure funding quickly.

The Cheadle-based finance company, which has a loan book of £6.8billion, took a common sense approach to the case judging the application on its merit rather than an automated response.

The customer’s default stemmed from the pandemic, and Together could see that it was an isolated event and properly assessed the case to understand the customer’s full financial situation.

Together’s roving underwriting team underwrote the case for the broker in advance to make sure everything was in place and correct ready for the submission.

James Briggs, head of intermediary sales at Together said:

“The client had a tight deadline for completion, and despite his clear high income was struggling to get the finance he needed. He had already dedicated a lot of time with another lender who let him down last minute.

Thankfully, alongside Loans.co.uk we were able to provide him with the service and agreement that he needed, and funds were provided despite the tight timeframe.

Our team pre-underwrote the case for the broker in advance to make sure that the whole case was spot on when it was submitted to make the whole process run smoothly.

This was important as there were issues on the valuation, plus additional information we needed from his first charge lender.”

Adding to the complexity, there were further documents Together needed to source from Land Registry.

Mr Briggs added:

“The quality of packaging from Loan.co.uk, coupled with our incredible roving underwriting team, ensured a speedy completion and a happy customer.”

Phil Bailey, Partnerships Director at Loan.co.uk, said:

“Our client had a dream to overhaul their family home, and we are delighted to have been able to help him achieve this.

A secured loan provided a great solution to the client’s needs and circumstances.

Our team at Loan.co.uk were able to advise, position and package the case where others had failed.

A common-sense lending approach was required and it became clear early on, with the exception of Together, that very few lenders would be able to support this scenario.

In the current climate we are seeing an increasing need for larger secured loans, often where a remortgage isn’t suitable due to LTI, Debt, LTV or a less-than-perfect credit file. With specialist advice, great packaging and the right lender – a secured loan is often more suitable than people think.”