Securing a second charge mortgage can often come with challenges, especially when clients have unique financial circumstances and tight deadlines. In this case study, we look at a recent case where the Aria Finance team successfully facilitated a £69,000 second charge mortgage within 11 working days, enabling our client to secure their first Buy-to-Let property.
The Client:
Our client was an owner-occupier and first-time landlord looking to raise funds quickly to complete the purchase of their first investment property. With a strict deadline and financial constraints, they required a lending solution that was both fast and accommodating of their credit history.
The Situation:
The client was purchasing a BTL property and required a deposit by the end of November 2024 to prevent the property from returning to the market. They faced several challenges in securing financing. A higher LTV of up to 85% was necessary, but the client's previous adverse credit history, which included two County Court Judgments, made it difficult to find a willing lender. Additionally, their main residence had been down valued by a prior lender due to the presence of spray foam insulation. This meant that finding a lender willing to use an automated valuation process was crucial to ensuring a smooth and expedited approval process.
Our Solution:
Aria Finance conducted a thorough search of the market to find a lender that could accommodate the client’s specific needs. After careful evaluation, we identified a specialist provider from our extensive panel as the ideal lender due to their ability to consider clients with previous adverse credit and their willingness to proceed with an automated valuation. This approach not only addressed the client's financial history but also ensured a swift and seamless process. By efficiently managing the application and ensuring all required documentation was submitted promptly, Aria Finance successfully secured loan approval within just 11 working days, allowing the client to meet their deadline and complete the property purchase.
Benefits & Results:
This case demonstrates Aria Finance’s ability to secure fast and flexible financial solutions even in challenging circumstances. The loan was approved within an impressively short timeframe, allowing the client to meet their deadline and successfully complete the purchase of their first investment property. Despite previous credit challenges and valuation concerns, we identified a lender that met the client’s specific needs and provided a tailored solution. By leveraging our extensive network and expertise, we ensured that the client obtained the required deposit funds on time, ultimately enabling them to begin their journey as a property investor.
