Loan: £754,825 | Property Value: £1,800,000 | Rate: 3.64% | LTV: 54% | Term: 20 years
Second Charge Mortgages can be complex in nature, here at Aria Finance we unpick the complexities and focus on quick and successful completions.
This case study exemplifies how the experience and knowledge of the Aria Finance team recently benefitted clients on a complex Residential Second Charge where speed of application was essential.
The clients are high net-worth individuals with assets totalling £6m. They owned and resided in a 6-bedroom detached house.
The clients wished to take a Residential Second Charge in order to purchase a plot of land that they intended to build a residential property that they would move into within the next 2 - 3 years.
The clients needed to complete as soon as possible in order to secure the land.
The stated income of the clients was varied. Applicant 1 was a chairman of two companies; however, one of these companies had only been in place for 2 months.
Applicant 2's income was made up from multiple businesses where she drew salary from a couple, dividends from others and also pension from some.
We, therefore, required a lender who would accept all of this stated income.
As well as requiring a lender that would accept our client's stated income, we also needed to find a lender that would be comfortable with the loan purpose.
The client's intentions to eventually move out of the property was not a common purpose for many lenders.
As time was of the essence, we ensured that we kept in daily communication with the lender, ensuring that we had assisted in every possible way so that the case progressed as quickly as possible.
We knew that once the case was submitted with the lender particular documents may be requested further down the line, so we decided to proactively submit in the early stages of the application to preempt any potential hold-ups.
The clients were able to benefit from the experience and understanding the team at Aria Finance have of the market.
By working closely with both the lender and the broker we were able to swiftly process the application ensuring that the application was able to complete within the clients' desired timeframe.
As timing was of the essence, we worked quickly so that we were able to present the clients with an offer in just over 3 weeks.
This meant that as soon as the client's solicitor had completed their checks everything was tied up and ready to complete.