Together offers £500k loan to upgrade ‘Garden of England’ home.
An interior designer is set to renovate their own home, after successfully securing a second charge regulated loan of £500,000 from property lender Together.
The customer is planning improvements to their Grade II listed home in Kent. These include a new, extended kitchen, a refurbished pool house, and new stone underfloor heating throughout.
The five bedroom property, worth just under £3million, features a pool, orchard, double garage, and a large garden. There are also three lodges on the premises which are offered as AirBnB accommodation.
After these improvements, the customer will be using the remainder of the funds to fit out their home with high-spec fixtures, fittings and furniture.
Broker Crystal Specialist Finance introduced their customer to property lender Together. The Cheadle-based company, which provides commercial and personal finance and has a loan book of £6.6billion, saw that the customer had a strong, stable income, and agreed the substantial second charge loan to make the improvements.
The county of Kent is renowned for its abundance of orchards and hop-gardens, earning it the title of ‘The Garden of England’. It attracts wealthy homeowners from all over the UK, looking for country living among beautiful scenery.
Michelle Walsh, head of intermediary sales at Together said: “Not all our customers are looking to move home, some already have the property of their dreams – but just need a little work done.
“Second charge loans can be a great way to do this, as our customer found out. As an interior designer themselves, they already had the knowledge they needed to do the job, but just needed the capital to undertake the project.
“We are pleased to have been able to help them, and look forward to seeing the completed renovations. We’ve been opening doors for our customers for 50 years now, providing the fast and flexible finance we are known for to help them achieve their property ambitions.”
Second charge loans are a popular method used by homeowners looking for extra capital to make improvements to their property. In November 2023, it was reported that £123m worth of new second charge loans came in, with 2,646 agreements signed in the month.
Jason Berry, group sales director at Crystal said: “We are delighted to have secured this loan for our client. £500,000 is a substantial amount for a second charge loan, but Together were able to work with us to provide the customer with the funds they needed to design her dream home with minimal issues.
“We hope to continue our great working relationship with Together, and help more of our customers achieve the best outcome.”
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