Second Charge Mortgage, No Mortgage History & Previously Declined [Case Study]

Simon Nicholson

Written by Simon Nicholson on May 23, 2018

Updated October 2, 2019

We break the mould on second charge mortgages

A directly authorised mortgage broker approached us with an enquiry where his client had purchased a property just 3 weeks previously. The client wanted to borrow £156,000 to carry out home improvements to the property which would include a new extension, however the client did not want to move in to the property until the works had been completed. This enquiry had been previously been refused a mortgage by several high street lenders as the client wasn’t residing in the security and had no mortgage history on this property.

The Solution

Traditional research yielded no results, so our adviser decided to refer the enquiry to one of our lenders based upon the merits of this case, the client earned a very good income, was in stable employment and had put down a significant deposit to make the LTV low.

The Outcome

They approved the referral within an hour for a £156,000 second charge at 4.54% at an LTV of 63% and left the client absolutely delighted with the offer made available as he could now complete the much-needed extension with an affordable monthly payment according to the secured loan calculator.

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All credit types
Rated 5.0/ 5

Smart Money Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.


Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£10,000 - £1,000,000

Representative APRC
From 7.1%

Loan Term
3 - 35 years

Loan Type
& Buy to Let

Homeowners Only
Max LTV 100%

Award winning broker of the year Smart Money have made it to the top of our list as our No 1 recommended provider for homeowner and buy to let loans. They are independent and have access to the major lenders in the market.

Representative Example

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