Kieran Geraghty

Registered with Property118.com
Thursday 6th March 2014


Latest Comments

Total Number of Property118 Comments: 1

Kieran Geraghty

10:26 AM, 6th March 2014, About 8 years ago

BTL Second Charge Mortgages / No Monthly Payments

Reply to the comment left by "Howard Reuben" at "04/11/2013 - 18:49":

Hi Howard,

I have a scenario that may fit with the Castle Trust Equity Loan but I need to clarify a few points. The property is my residential home, I intend to carry out an extension and I'm looking a ways to raise finance to cover part of the works. As the works will increase the value of the property, how will the uplift in value be calculated by CT valuer? Will the uplift from the extension and renovation be deducted?

Current MV £575,000
Mortgage £390,000
Extension Costs £150,000
Max Funds from CT (80%ltv) £70,000
After works value £800,000
Uplift in value after costs £75,000
40% of uplift to CT £30,000 OR will the uplift in value from the works be taken off? If so how can they quantify this?

I note that there has been a mention that having the second charge registered my make it more difficult to refinance. Why is this the case? The refinance would be sufficient to pay off both the existing mortgage and CT.... Read More