Do you feel penalised because of your profession or career choice? Worried about finding the right mortgage that matches with your circumstances?
From sole trader to limited company, and anything in between, we are well versed in the finding the best mortgage deal for you. If you are self-employed, then don’t worry! Pinnacle are here for you from start to finish, and our specialist mortgage advisors will guide you through the process.
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.
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.
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.
This depends on the available equity in your home. Typically a secured loan can be arranged up to 85%-90% of the overall value of the property (minus your current mortgage).
A secured loan is often arranged quicker than a first charge mortgage. A lender will still need to assess your application and validate the property value, but assuming this is all successful you should expect to receive your funds within 1-2 weeks from loan offer.
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).