A second charge mortgage can be a quick and effective way to raise funds when urgent financial needs arise. Whether it’s for home renovations, consolidating debt, or other pressing expenses, securing a second charge loan can often be faster than remortgaging. This case study demonstrates Aria Finance’s ability to arrange a second charge loan with rapid completion times, ensuring our clients had the funds they needed exactly when they needed them.
The Client:
A family looking to raise funds to complete renovations on their mothers four-bedroom terrace.
The Situation:
Their mother’s home renovation was mid-build, and the existing lender had unexpectedly declined a further advance. The builders were ready to move onto another project, so funds were required urgently to keep the work on track.
Our Solution
Aria Finance leveraged our extensive lender network to identify the best solution for the clients. We secured a lender willing to offer a £60,000 loan at 90% LTV, with a 2-year fixed rate over a 27-year term. The lender's fast and efficient underwriting process did not require consent from the first charge lender, allowing the application to progress swiftly.
To further expedite the process, we ensured the lender would accept an Automated Valuation Model (AVM) rather than a full valuation. Additionally, we sourced a lender that was flexible enough to accept a TR1 form, as the Land Registry had not yet updated the first charge lender following a recent remortgage. By preparing a fully packaged case with all necessary documentation from the outset, we facilitated a seamless and efficient process.
At the same time, we arranged a replacement long-term mortgage with an alternative lender who was comfortable with the client’s revised financial profile. This ensured there was a secure exit strategy in place from the outset, giving reassurance to both the client and the bridging lender that the short-term finance could be repaid well within the 12-month term.
Benefits & Results:
Thanks to Aria Finance’s expertise and proactive approach, the second charge loan was completed in just 4 days. The urgent funds were secured, ensuring that the builders could continue their work without disruption. As a result, the renovation project remained on track, preventing additional costs and delays. Our ability to navigate complex cases and find bespoke solutions highlights why Aria Finance is the go-to broker for second charge loans.
This case demonstrates Aria Finance’s expertise in securing fast and flexible second charge solutions, even in complex and time-sensitive situations. Our market knowledge, lender relationships, and efficient processing make us the go-to broker for second charge mortgages.
If you have clients in need of urgent funding solutions, contact our expert team today.