There are times and situations when sometimes a remortgage isn’t the best option. It may be that you want to raise some money for a new car, motorhome, debt consolidation, house extension or tuition fees for example but when you look at the options open to you, redemption penalties or other conditions of your existing mortgage would make that an expensive option.
It could be that you have a great deal with a low interest rate and don’t want to move away from that yet still want to raise some finance. This is where a Secured Loan (also known as a Second Mortgage) comes in.
A Secured Loan may well be the best way forward in these circumstances
We can advise you on the suitability once you’ve made an enquiry and we have a feel for your own unique circumstances.
A Secured Loan is a loan which is secured on your property and sits behind your existing mortgage company’s first legal charge; commonly known as a second mortgage. As it’s secured against your property – just like a mortgage – then secured loans are far cheaper than unsecured loans and can often be run over longer periods, just like a mortgage rather than the 5 years common for the sort of unsecured loans you’d find available in your High Street Bank.
In recent times the secured lending market has become increasingly popular
Particularly as the majority of High Street lenders won’t consider applicants who’ve had recent mortgage arrears or adverse status such as county court judgements or defaults registered against them yet thanks to our relationship with lending underwriters, we’re often able to arrange a suitable loan.
Another reason why a secured loan or second mortgage may be a better option is that clients might not necessarily want to raise an overly large sum of money and so the the costs involved in a re-mortgage may be excessive.
As many of our self-employed clients will agree, remortgaging criteria has become very strict in recent years
Although we do still manage to find suitable mortgages for many of our self-employed clients. Whereas in the Secured Loans market, many lenders are more willing to take a more relaxed view – it’s our job to guide you through the maze of rates, offers, terms & conditions to find a secured loan package that’s in your best interests and takes into account all your circumstances.
We have access to lenders who will consider:
- Up to 100% Loan-To-Value with no need for 1st charge consent
- Desk top valuations up to 100% LTV
- Right to buy, third charge, non-standard construction and ‘declined 1st charge consent’ plans available
- Employment probation periods accepted, no minimum time employed or self employed (assuming no gaps in employment)
- Maximum age 80 at end of term
- No income multiples – Affordability assessed on an income & expenditure basis using the net monthly income
- Adverse accepted – missed payments, defaults, CCJ’s, mortgage arrears, Debt management plans, IVA’s, Bankruptcy may all be considered subject to individual circumstances
- Day rate contractors can be accepted – annual equivalent calculated at £day rate x 5 x 46
- Benefit income accepted, commission, overtime and bonus can all be included
- Free legal fees and low Early Redemption Charge packages are available in many cases
Find your ideal mortgage
Start your Secured Loan Application
Mortgage Advice Line
Whatever your circumstances, we can help you secure the right mortgage.
Call us: 01704 808286
9am to 9pm – Seven days a week