Your Circumstances
Second Mortgages (Secured Lending or Bridging Loans)
- With a secured loan up to 125% of property value is available.
- The secured lender will place a legal charge on your property, therefore in the event that you fall behind in your payments, you are at risk of losing your home.
- In most cases there are no up front fees, and are usually included in the loan and sometimes in addition to the loan
- There generous income calculations and often on a self cert basis up to 100% Ltv.
- Completion is usually within 2 to 3 wks
- Adverse credit accepted.
- Secured loans are not regulated, so no long winded forms to fill.
- Can borrow anything from £3000 to £500,000
- The term can be spread from 5 to 25 years
- Your existing mortgage can be left alone, so no heavy penalties to re-mortgage.
- Can be used even within a council pre-emption period
- Any legal purpose excepted
- Employed or self employed excepted
- Usually one month payment as a redemption penalty.
These are the main features for second mortgages.
There are many reasons why a secured loan would be recommended rather than a re-mortgage. This may include
- Refusal by existing lender for further borrowing due to high loan to value or adverse credit.
- High redemption fees if a complete re-mortgage route was taken.
- Moving client away from a high street lender and having to place with a sub prime lender.
- Short term borrowing
- Quick access to funds
Its your choice
“We do not usually charge a fee for mortgage advice. However you do have the option to pay a fee of eg: 1.5% of the loan value and then you would receive any commission payable by the lender."
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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See what our customers have to say about us...
"Thank you for getting me onto the housing ladder. I never thought it would happen."
Pauline N.
"I just want to say a big “thank you” for all your help and assistance. You really took a lot of the stress and hassle off me by sorting out my mortgage and insurance."
Antanette.
"Many thanks Julie for your help in arranging my mortgage. When the bank told me that lack of proof of income left me no chance, I didn’t think I’d be able to buy my house. I can’t thank you enough for the friendly and efficient way you handled everything."
Steve M.