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Couple raise capital against home to fund extension

Couple raise capital against home to fund extension

15.05.18 | Written by: Pete Coombes

The Clients: A married couple approached us looking to remortgage their home to raise capital for an extension. The husband is a homemaker with no income, the wife is a self-employed financial adviser.

The Property: A three-bed terraced house located in a popular commuter village in Kent. The pair were looking to extend the property to include a further bedroom and larger kitchen/diner.

The Finance: The couple were hoping to refinance their home at 80% loan to value, raising enough capital to cover the cost of the extension works. In addition to the LTV requested, the couple had asked that we approach a lender which would offer:

  • A two-year fixed mortgage product
  • Free legals
  • A free valuation
  • A quick turnaround

The Application Process: Taking the couple’s requirements into consideration we decided to approach a high street bank, which is currently working at a quick turnaround time.
After an initial discussion with the lender’s business development manager, we helped the clients complete the application and submitted it on their behalf.
Within two weeks of submitting the application a formal mortgage offer was received. Happy with the terms offered the clients decided to accept and the case completed just three weeks later!

Here are the details of the deal:

Property value: £465,000

Loan amount: £370,000

LTV: 80%

Rate: 1.50% 2 year fixed

APRC: 3.5%

Term: 20 years capital and interest

Lender arrangement fee: £999 added to loan amount

Mortgage payment: £1,785pcm

Consultant: Pete Coombes, 01732 471 688

 

 

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ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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