Prestige Finance has secured its largest second charge residential loan of over £1m, which was completed within three weeks.
The second charge mortgage specialist — which is part of OneSavings Bank — was approached regarding a customer who wanted to refinance the borrowing undertaken for a major refurbishment of their main residence.
The initial funds for the refurbishment had been raised via two BTL properties, credit cards and personal loans.
A schedule of 155 separate items of work was provided and meticulous records had also been kept.
The customer then needed to source an alternative funding solution as their current first charge provider was unable to consider lending the required amount.
Prestige balanced the lending multiple and the low debt-to-income ratio, at just over 60%, and was able to find a solution.
“This particular case really highlights the importance of second charge finance options and the flexibility in the market to look outside the box,” said Darrell Walker, head of sales of second charge and commercial lending at Prestige Finance (pictured above).
“Second charge mortgages are often used in situations just like this where the client’s existing first charge lender is restricted by lower income multiples.
“The transaction resulted in a great outcome for the customer, saving them over £7,000 every month.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...