- Your current mortgage has a high penalty if you re-mortgage. If you are tied in for long periods and the penalty for coming out is 5% of the mortgage balance why not do a secured loan for now and re-mortgage to combine the two once the penalty period has expired. You must consider a further advance as this may be a cheaper option.
- Your current variable rate is so low that it would do more harm than good if you re-mortgage. Your current rate is less than 3% and will remain so whilst the bank of England rate is so low. Don’t touch it take advantage of the low payments. Any money you need may be far more cost effective to source via a secured loan. You must consider a further advance as this may be the cheapest option.
- You have some minor adverse and you need to raise money against a Buy-To-Let property. If you have adverse and need to raise money against BTL properties you will find that re-mortgaging is a non-starter as all conventional mortgage lenders will want a clear credit history. You can still raise money via a secured loan with up to 4 secured arrears.
- You have a Non-Standard-Construction property. This is an area which is the most difficult to raise raise for. All mortgage lenders will say NO! There is 1 possibly 2 secured lenders who will lend on these property types.
- Your self employed and need to self certify your income. With all the problems in the market there has been a huge clamp down in mortgage lending. One of the biggest casualties was the self certification market. As far as mortgages go this is a big no no. However, with secured loans there a still a few products where this is possible.
- I have an IVA or in a debt management plan. These are 2 areas where mortgage lending has stopped. Mortgage lenders have made it clear in this climate that they will not help clients who hold these sorts of plans. With secured loans the criteria is far more flexible. As long as you’ve got the equity to clear the outstanding credit then its a real possibility.
- I have current mortgage arrears. This is another area which mortgage lenders are very particular about. They will not lend whilst your current mortgage is not being maintained. With secured lending it is possible to raise the money you need as well as clearing all mortgage arrears.
With all of the above we would need to check income and affordability to ensure you can afford the re-payments.
If you would like some information on these areas then please call 01260 276200 or 07966 974510. You can also visit our website at www.solution-mortgages.co.uk