Raising funds or borrowing money at any time in life especially nowadays can be very daunting and expensive if you get it wrong. There will be various reason you need to raise cash and many options open to the majority.
First piece of advice to heed is to get professional advice as the wrong loan over a period of time could cost thousands more than you need to pay.
Generally, a second charge or secured loan will be cheaper than one unsecured but again do seek advice as this is not always the case. Using a reputable broker will help eliminate a lot of the questions as they are experienced with all types of lending.
A second charge mortgage provides an extremely useful alternative where consumers want to raise additional funds but do not want to change their existing first charge mortgage – especially if there would be additional costs in doing so.
There are some very clear benefits a secured loan can offer when used correctly which could well improve borrowers long term financial prospects. Although consolidating debt is not always the right answer, a secured loan is often a suitable option given the lower interest rate charged when compared to an unsecured loan.
Could this be useful to for you?
- Fast completion
- Low interest rates
- No need to change original mortgage
- Loan terms to suit majority of needs
These days due to the vast choices open to the prospective borrower it is vital they get a professional adviser to point them in the right direction. With so many loans and re-mortgages available anybody contemplating taking out loan would be very well advised to seek broker advice.
If you are looking to raise money from the equity within your property, please make contact and one of our advisers will be pleased to assist.