Find an affordable loan that meets your needs
Independent Loan Advice.
We'll get you a loan that works for you.
Let's find an affordable loan that meets your needs
Second charge loans/mortgage.
By definition of its name this is where the lender is behind the mortgage company to recover its money in the event of failing to repay the mortgage. These can be particularly useful if you have a fixed mortgage with an early repayment charge which on a 5 year fixed mortgage can often be 5% first year falling to 4,3,2,1 in later years. Whilst second charge mortgages are most commonly used for consolidating debt or home improvements, they can be used for many purposes including building memories not just extensions examples are: A wedding, a holiday of a lifetime, Buying a lease, developing a Business, a deposit for an additional property purchase or to purchase a car (maximum term of 5 years), Pay School fees., to transfer equity. We would always recommend your existing lender should be your first call, although most high street lenders are only likely to cover home improvements.
Bridging Loans
A bridging loan (or 'bridge loan') can be useful if you need to borrow money for a short period. It can help to 'bridge the gap' if you want to buy a new home before selling your old one. Bridging loans can also be used if you buy a property at auction, where you'll need the money immediately but may not have sold your current property yet.
They have a reputation for being high-risk. A bridging loan is a secured loan, meaning there must be an asset to set it against. That asset will usually be a property, or multiple properties. Note that if you find you cannot repay the loan, you risk losing the asset secured against it.
There are two types of bridging loan: 'closed' and 'open'.
• With a closed loan, there is a fixed repayment date - you will normally be given this kind of loan if you have exchanged contracts but are waiting for your property sale to complete.
• With an open loan, there is no fixed repayment date, but you will normally be expected to pay it off within one or two years.
Whichever kind of loan you take out, the lender will want to see evidence of a clear repayment strategy, such as using equity from a property sale or taking out a Mortgage. The lender will also want to see evidence of the new property you are purchasing and the price you plan to pay for it, as well as proof of what you are doing to sell your current property if relevant.
You should also have a back-up plan in place in case your repayment strategy fails - otherwise you could lose the property.
By definition of its name this is where the lender is behind the mortgage company to recover its money in the event of failing to repay the mortgage. These can be particularly useful if you have a fixed mortgage with an early repayment charge which on a 5 year fixed mortgage can often be 5% first year falling to 4,3,2,1 in later years. Whilst second charge mortgages are most commonly used for consolidating debt or home improvements, they can be used for many purposes including building memories not just extensions examples are: A wedding, a holiday of a lifetime, Buying a lease, developing a Business, a deposit for an additional property purchase or to purchase a car (maximum term of 5 years), Pay School fees., to transfer equity. We would always recommend your existing lender should be your first call, although most high street lenders are only likely to cover home improvements.
Bridging Loans
A bridging loan (or 'bridge loan') can be useful if you need to borrow money for a short period. It can help to 'bridge the gap' if you want to buy a new home before selling your old one. Bridging loans can also be used if you buy a property at auction, where you'll need the money immediately but may not have sold your current property yet.
They have a reputation for being high-risk. A bridging loan is a secured loan, meaning there must be an asset to set it against. That asset will usually be a property, or multiple properties. Note that if you find you cannot repay the loan, you risk losing the asset secured against it.
There are two types of bridging loan: 'closed' and 'open'.
• With a closed loan, there is a fixed repayment date - you will normally be given this kind of loan if you have exchanged contracts but are waiting for your property sale to complete.
• With an open loan, there is no fixed repayment date, but you will normally be expected to pay it off within one or two years.
Whichever kind of loan you take out, the lender will want to see evidence of a clear repayment strategy, such as using equity from a property sale or taking out a Mortgage. The lender will also want to see evidence of the new property you are purchasing and the price you plan to pay for it, as well as proof of what you are doing to sell your current property if relevant.
You should also have a back-up plan in place in case your repayment strategy fails - otherwise you could lose the property.
