Helping a homeowner with renovations

Our client had a dream of adding a double-storey extension to their home. They needed £66,000 to make it happen. Despite their efforts to get a further advance, they faced disappointment. They were declined due to the loan to value (LTV) ratio.

Here are the details:

• Property value: £630,000
• Mortgage balance: £521,000
• Total income: £150,000 per annum
• LTV: 94% (post-loan and including fees)

Our team quickly looked at their situation and came up with a plan. Even though their LTV ratio was high, we found a way to get them the £66,000 by helping them get a secured loan. 

Thanks to our hard work, they got the money they needed to complete their home expansion. Now, they can add value to their property and make their dream a reality.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.