Our client had remortgaged the family home to carry out major renovations and fixed the mortgage for 3 years. Unfortunately the builders started the demolition and extension work turning the house into a building site, but the work was very poor and the builders downed tools and left the project. The builders have taken all of the money and refused to refund any or complete the work, leaving the clients with no money to finish the extension and a property that no longer has a working kitchen so is currently deemed un-mortgageable.
We were able to source a 2nd charge loan giving them £100,000 at 7.04%, which was enough money required to put right all the damage caused and finish the project, so when their current mortgage expires, the property will be mortgageable again and we can re-mortgage the 2 loans into 1 standard mortgage.
Meanwhile, the clients can soon live in a property that doesn’t resemble a building site and can enjoy family life again!
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