Self-employed company director refinances home to repay refurbishment loan
The client: The director of a successful stationary company looking to refinance his unencumbered home to repay a refurbishment loan.
The property: A three-bed end of terrace house in Crawley. At the time of purchase the property required major renovation works.
To cover the costs the client had borrowed a large sum of money from his parents, which he had promised to pay back once the works were complete.
He was hoping that the renovations would increase the property value by more than he was spending on the works.
The finance: In total the client was looking to raise £150,000. He was keen to get a mortgage from a lender which would allow occasional
overpayments and wanted a five-year fixed rate to protect him from any potential rate rise in the near future.
The application: Taking everything into consideration we approached a lender which is willing to accept:
- Self-employed applicants
- Over payments
- Applicants paying off personal loans
The lender requested three years’ worth of accounts, proof of address and proof of ID to support the application. After submitting the loan request a full offer was made within two weeks. A valuation was carried out a three days later.
Much to the client’s delight, the property valuation showed property had increased in value by £175,000!
The entire case completed just seven days later. Here are the details of the deal: