£500k second charge funds mansion makeover

£500k second charge funds mansion makeover

Master broker Clever Lending has arranged a second charge mortgage of £500,000 for the complete restoration of an historic mansion in Shropshire.

Set in seven acres of gardens and woodland, and with a market value of £2m, the listed mansion is of particular historic architectural importance. Already mortgaged with a building society, but with early payment charges in force until 2020, a re-mortgage wasn’t viable. The current lender did not want to provide additional funding for improvements, but Clever Lending was able to source a low rate second charge.

The lender sent out their own surveyor to view the property and meet the client to fully assess the case. The plans for the improvements would add value to the mansion. The restoration is part of an ongoing project over the last three years to restore the property to its original excellence and the additional funds would allow the owners to complete the work required to the highest possible standards.

The lender quickly agreed to proceed with finance. The loan amount was £500,000 over 25 years and a ‘low rate’ product was agreed, the laster broker said.

Sonny Gosai, head of specialist lending at Clever, said: “This case was very special as for a listed, historic property such as this it’s vital that restoration work is carried out to the highest quality. This loan also shows the many and diverse benefits of second charge mortgages and how they can be used for a wide variety of property types – even listed buildings.

“With early repayment charges in force from an existing lender, the second charge was the ideal solution for the client and the rate was extremely low, making it the most suitable solution in this case. The second charge will help ensure the improvements maintain the quality of the building for generations to come and it’s very exciting to know we’ve contributed to such an important project.”