You may just be looking to raise some extra funding for some much-needed home improvements, to gift some money to your children for their first home purchase or looking to go on a holiday of a lifetime.
Second charge mortgage loans can provide flexible, competitive terms that you allow you to put your plans into action. With access to a whole market, we are experts in finding the best deals for all of our clients.
Secured loans offer the ability to reach the equity that may be in your home. You must consider the overall exposure with your current mortgage and calculate the difference between this and the market value. The difference can then be considered to be released, should you need.
A secured, or second charge, loan is an additional mortgage placed on the property behind your main mortgage. It is with a separate company and can be independent of your main mortgage’s terms. They often offer a flexible borrowing capacity for when it may not be possible on your main mortgage.
Consolidating debts is often a primary reason for applying for secured loan and is more than acceptable. You will need to consider the level of debt that you are consolidating and take in to account that this may now be spread over a longer term, or moving from sole name to joint (depending on the ownership of the property).
As with regular mortgages your credit situation will be assessed, with the outcome dependant on the product that you would be offered. We can still place loans with active defaults, CCJ’s, or debt plans, and have a variety of lenders to work with.
A further advance is a term given to further borrowing with your existing lender. This is not available with all lenders, but if applicable for you then the lender would open up a new “sub” account in addition to your main mortgage. This will need to be underwritten to ensure affordability and will be placed on a new product at the time of application.
Funds can be released for any personal need, but cannot be for business or gambling purposes. Conventionally funds are often released for the repayment of unsecured debts, to release funds for a child’s gifted deposit, or for home improvements.