September 9, 2020
It is fair to say that the impact of the recent pandemic has had an impact on the average work–life balance. With the addition of lockdown and new restrictions on our daily life, spending time at home has increased, making it even more of a priority to have the space needed to live comfortably.
Whether it is the joy of welcoming a new baby into the family or teenagers that no longer want to share a room, there are many families needing more space to thrive and enjoy family times.
Many families would prefer to stay in their current properties, where they have built a loving home and made many memories, they may feel part of the community and not want to uproot and leave the friends they have made in the area. There may now be a solution to this, and it could change the lives of many.
This gives families more options when it comes to gaining a larger living space. Instead of moving home, homeowners will be able to add up to two additional storeys to their home through a fast track approval process. The fast track process has not been fully revealed but these are set to come into play in September.
For many homeowners, this will be an amazing time. There are many families who would love to stay in their current home but could not see the option for certain extensions because of planning permission restrictions.
The price of adding a single storey varies on the size and the complexity of the project but at the lower end, it would cost around £40,000 (householdquotes.co.uk). The options available to homeowners include remortgaging or a further advance but not all clients might want to take this line of finance. Which is where a Second Charge mortgage can be a great choice.
Second Charge mortgages can be obtained quickly and are a cost-effective way of borrowing for refurbishment and renovations such as a storey extension. A high percentage of borrowers are not aware of Second Charges and how they can be easily obtained by using their current home as security. There is a great opportunity to educate clients on these new planning changes and how a second charge mortgage can facilitate a large expansion on their current home, allowing them to stay in the home they love to make more memories in their new exciting space.
This information is intended for professional intermediary use only and must not be distributed to potential customers.