Many homeowners these days are looking for ways to raise capital, which is safe, quick, and cost effective. Over recent years property values have increased year on year and the majority of homeowners will be pleasantly surprised to see just what their property is now worth.
In the majority of cases it is more cost effective to raise a loan using the house as security even if you have a mortgage secured against it already. A personal loan from a bank as an example can be expensive, a second charge loan really does offer a viable alternative.
What is the equity in your property?
Example: if your property is currently valued at £300,000 and your current mortgage is £150,000 you have £150,000 equity. There are many good quality lenders who would be interested in a second charge loan/mortgage on the equity within your home. The plus side of all this is the costs are affordable and can be set to your budget.
Advantages of a second charge mortgage
A) Your credit history may well not be so good now and you want to borrow to extend your current property, this could be the cheapest solution.
B) You may be self-employed and having problems raising finance, this route could be the perfect solution by utilising your property.
C) Repayment terms and periods are very much to your requirements, so they can be tailored to suit your budget.
Need some assistance?
If you think this type of loan could assist you in your future planning it is especially important to ensure you get the right one to suit your long-term needs. There are many different lenders offering numerous second charge loans, please do call our fully qualified independent advisers who will be happy to help you achieve the correct plan for you.