Shawbrook and Fluent combine on £400k second charge to renovate £4m home

During renovations the couple had decided to live in rented accommodation, however, Shawbrook’s criteria states that any applicant must reside in the security for a minimum of three months.

However, given that the property was habitable and Shawbrook was not lending for heavy refurbishment the lender made an exception.

The bank obtained written confirmation on how long the works would take and a formal notice from the applicant to the landlord confirming they would end their tenancy by November, by which time they were happy to move in.

A full valuation was carried out and the surveyor confirmed the security was habitable and mortgageable.

As a result, the applicants were able to raise the funds required receiving an offer within three weeks of submission.

The case came through broker Fluent Money.

Group director Simon Moore said: “This case was a great example that there will always be scenarios in the market place where standard criteria simply doesn’t cover or was not designed to capture this particular instance.

“Affordability was not an issue and the rationale behind the clients not living there was clear, could be evidenced with schedules of work and timescales making this a temporary problem.

“The case needed a quick response and once the salient points were presented to the lender, and if they were to accept, then full commitment to hitting the deadlines would be needed.

“In the current climate where we are seeing fresh challenges and an ever evolving landscape it is great to have the support of lenders who are willing to consider excellent cases, albeit they have aspects to them that previous criteria may not have taken into account,” he added.

Gavin Seaholme, head of sales property at Shawbrook (pictured) added: “Working with our partner, Fluent Money, we have succeeded in providing a great solution for the applicants.

“Our continued support for our brokers in the current climate shows that we are a safe pair of hands as we move forward with more positive news and an appetite for larger applications that we will deliver on.”