Truffle Specialist Finance has completed a £500,000 second charge mortgage with Pepper Money, used to fund home improvements.

The large loan was arranged for clients to finance the completion of home improvements of renovations that had cost more than £2.6m, on a property valued at £5m.

The clients had recently remortgaged and unable to access a further advance due to the recency of the remortgage, so contacted Truffle to discuss their options.

Calum Sayer, specialist mortgage adviser at Truffle, worked with Pepper Money to secure the clients a large second charge mortgage, which took total lending secured on the property to 52% LTV.

Sayer explained: “These clients were High Net Worth (HNW) individuals who were referred to Truffle via a mortgage broker working for a wealth management firm. Having spoken with the clients about their requirements and circumstances, they understood that a second charge mortgage was the best option to fund the remaining renovations on the property, whilst also allowing them the flexibility to make overpayments without penalty.

“One of the clients had complex income, being the CEO non-shareholder of a company that he had previously owned, but Pepper made the process easy and the finance was quickly in place to ensure completion of the works.”

Ryan McGrath (pictured), Pepper Money’s second charge sales director, added: “This case is a great demonstration of how a second charge mortgage can be used at the most appropriate solution for a customer, whatever their loan size requirements, income or property value.

“These were clients who wanted to raise a large loan on a high value property. The broker working with the clients recognised that specialist finance might best suit their needs and so referred them to Truffle to identify a solution.

“With a large loan like this, Calum at Truffle knew that he needed to work with a lender he could trust to deliver the type of service expected by affluent individuals. So naturally, he spoke to Pepper Money.”