A Second Charge Solution for a Time-Sensitive Overseas Property Purchase
The Client Background
A broker approached us on behalf of applicants who required £150,000 to support the purchase of a second home abroad.
The applicants had initially approached their existing lender for a further advance, but the application was declined as the lender was not comfortable with the applicants’ income position.
This created a time-sensitive challenge, as the applicants had already paid a deposit on the overseas property and were keen to complete the transaction as quickly as possible. With the further advance route no longer available, an alternative solution was needed to secure the required funds without delaying the purchase.
The “Positive” Solution
After reviewing the case, Positive Lending identified a second charge mortgage as the most suitable route to raise the required funds while keeping the clients’ existing first charge mortgage in place.
The case was placed with Interbridge, who were able to take a more flexible view of the applicants’ circumstances and support the full £150,000 loan amount required.
By structuring the application clearly and progressing the case efficiently, Positive Lending helped move the clients from enquiry to completion in just 17 working days.
The Loan
Product: Second Charge Mortgage
Lender: Interbridge
Loan Amount: £150,000
Loan Purpose: Purchase of a second home abroad
Monthly Payment: £1,077.44
Term: 25 years
Rate: 6.91% fixed for 5 years
LTV: 75%
Broker Commission: £3,000
Process: Positive Lending Advised
The “Positive” Outcome
The clients successfully secured a £150,000 second charge mortgage with Interbridge at 75% LTV, on a 5-year fixed rate of 6.91%.
The funds enabled them to proceed with the purchase of their second home abroad after their existing lender had declined the further advance. With the deposit already paid and timescales important, the case completed in just 17 working days, allowing the clients to move forward without unnecessary delay.
Why Choose Positive?
When a further advance is declined, it does not always mean the client is out of options. Positive Lending works with brokers to explore alternative lending routes, structure the case clearly, and move quickly when timing matters.
With specialist second charge expertise and strong lender relationships, we can help secure practical solutions where mainstream options have fallen short.