At Oportfolio Mortgages, we’re all about finding real solutions for real people quickly, efficiently, and with as little stress as possible. This recent client success story is the perfect example of how our team goes above and beyond when time is of the essence, to secure a particularly time sensitive further advance mortgage.
The Further Advance Mortgage Challenge: Builders Booked, Deposit Due, But No Mortgage Yet
Our client, a homeowner in South West London, approached us in a bit of a panic. She had recently hired a reputable building firm to complete a large-scale home improvement and renovation project on her property, including a rear extension, kitchen refurbishment, and loft insulation upgrades.
The builders had been booked, timelines agreed, and a fixed-price contract signed. But there was one problem: the funds to pay for the work hadn’t yet been secured. She needed to release equity from her existing property through a further advance on her current mortgage, and fast. The builders were waiting on payment before starting the job, and delays risked putting the whole project (and cost) in jeopardy.
A Speedy Further Advance With Zero Stress
Time was of the essence, so we got to work immediately. We reviewed her current mortgage, assessed her equity position, and gathered all the necessary documentation upfront to avoid delays. We advised her on the most suitable lender offering competitive rates for further advances and who had a strong reputation for quick turnaround times.
Thanks to our lender relationships and our internal efficiency, we were able to:
- Submit the full further advance application within 48 hours
- Liaise directly with the lender to speed up processing
- Secure a mortgage offer for the full required amount within 2 weeks
No valuation delays. No back-and-forth paperwork issues. Just results.
Builders Paid, Work Underway
With the mortgage offer secured and funds released, our client was able to pay the builders on time and begin the long-awaited home improvements without delay. The extension is now underway, and her home is on track to increase significantly in value once the project is completed.
What’s a Further Advance Mortgage?
If you’re not familiar, a further advance is when your current mortgage lender agrees to lend you more money on top of your existing mortgage, typically using the equity in your home.
- Homeowners use further advances for things like:
- Home improvements or extensions
- Debt consolidation
- Funding life events (like weddings or education costs)
Unlike remortgaging to a new lender, a further advance means staying with your current lender, which can sometimes mean faster approval.
Need to Raise Funds Fast? Let’s Talk
If you’re considering releasing equity for home improvements, don’t wait until the builders are knocking. We can help you move quickly and smartly. Contact Oportfolio Mortgages today for expert, responsive advice.
