Buy-to-Let

Covid Chaos

 

Covid Chaos - Are you ready

 

 

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Covid chaos.

In these unprecedented times, engaging with an experienced Authorized and Regulated Independent finance broker has never been more important. My 27 years of finance experience will often be the difference between a potentially successful outcome, or as I have often seen, failure and disappointment when a customer opts to directly use an online application with a Company of which they know nothing about.

Over the last couple of weeks, we have seen Covid chaos, with many lenders stopping lending altogether, often a combination of volumes of existing customers seeking payment holidays causing internal cashflow issues, plus their own funding lines of credit having more stringent covenants imposed. Others have seen their funding dry-up as private investors withdraw their support, or, the threat of not being able to enable Securitization.

All is not lost, however – there are still many positives in the Personal, Business and Buy-To-Let finance market, with the caveat that if you think you want it, then ask now, whilst terms remain favourable.

So, just what is available during this Covid chaos?

 

First Charge Mortgages:First Charge
Estate Agents – Closed.
Surveyors and Valuers – Pretty much closed.
Removal firms – Closed.
Therefore, the logical conclusion is that the property market has become totally stagnant apart from re-mortgages, re-finance, debt-consolidation, product transfers and those seeking a new lender to replace their existing expensive Standard Variable Rates, some of which are still in the 6 to 8 percent ranges, despite the recent Bank of England Base Rate cuts to just 0.1 percent.
Yes, underwriting has become ever-more cautious, yes, more property equity is needed, but yes, many options and solutions remain available, although more hoops of fire to jump through.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Secured Loans:Second Charge
Second charge lenders are still lending, with a desktop or drive-by valuation available for loans up to £200,000 and maximum LTV’s of 80%. Higher limits are possible but at a premium, with tightened underwriting. In certain areas, some surveyors are willing to visit properties and guarantee there is no risk to you, the applicants. Additionally, work and employment circumstances will be looked at both sympathetically and sensibly. A loan is often ideal for the consolidation of escalating unsecured debt into a more manageable payment, particularly if a remortgage, further advance or unsecured loan is inappropriate or unavailable.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Bridging Loans:Bridging Finance
Fact – We are about to see a vast reduction in the number of lenders operating in this market, and full-status lending criteria may become bordering upon almost impossible to meet, with only a select few being able to access funding. There is a strong probability that lenders will want to see a higher degree of equity available.
However, non-status loans remain available, meaning that you need not have a perfect credit history behind you in order to achieve your objective.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Buy-To-let:Buy-to-Let
I have not seen these levels of lender attrition and fall-out since the crash of 2008. Knowing which lenders will still be around once the crisis is over is something I have continually monitored and reviewed, building experience and data upon, and calculating likely responses – lenders are a business, they are not immune to what is happening globally. My stance is very easy to explain, never ever, ever go for cheapest, go for what works and who can deliver. It is also helpful during these times to consider lenders who offer desktop and automated valuations, removing the requirement of a surveyor visiting the property.

 

If you think that you may need finance for whatever reason, either Personal, Business, Buy-to-Let, or Debt Consolidation, then please act now whilst channels are open, you can thank me later.

And as always if you need to talk, discuss, enquire or whatever, do give me a call – I’m here to help.

May I wish you, and your families, personal safety during these uncertain Covid-19 times.

“For all you Buildings, Contents and BTL Insurance, click here for your personal Quote Engine 24/7”

 

Want more?You may wish to read this Article too – If you want it, do it now

And if you are a Business, you may wish to read this – Stay Safe

 

 

 

Let us say “Yes, we can help” – Covid Chaos

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation secured loan quote, click HERE

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Article credit; Copyright SUL © 2020

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

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bad credit history

Do You Have A Bad Credit History?

Do you have a bad credit history?

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We are working with a specialist provider of residential second charge loans and mortgages, lending to customers who are unable to obtain finance from traditional high street lenders.

There are many reasons why the High Street declines someone, here are a few reasons.

  • You may have up to six months current mortgage arrears, due to personal unforeseen issues? Usually, any arrears are an auto-decline on the High Street.
  • This understanding extends to arrears on subsequent charges, following the main lender. Many second charge lenders will allow such a credit blip.
  • Loans of up to £100,000 may be available, with higher limits upon underwriter referral.
  • Any amount of CCJ’s and defaults, past and present, may be considered.
  • Do you have a pending bankruptcy action for Income Tax? We can help, as this issue is becoming more common.
  • Loans are also available on Buy-to-Let properties.
  • As well as vanilla Standard Variable Rates, both 3 and 5 year fixed rate plans are available.

Let us say “Yes, we can help” – Do you have a bad credit history?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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second charge loan

Have You Considered A Second Charge Loan?

Have You Considered A Second Charge Loan?

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Are you looking for a Remortgage or a Further Advance?
You can count on us to find the right home for your needs.
Thousands of second charge mortgages have been arranged in recent years, from an extensive panel of lenders across the whole of the marketplace.
They can be a great alternative for you when:

  • You fail an affordability test with your main first charge mortgage lender
  • You have an Early Repayment Charge on your first charge
  • Your current mortgage is Interest Only, and any changes would withdraw this option
  • You are benefiting from an existing low mortgage rate but want to raise capital
  • You are wishing to capital-raise for business purposes, including deposits for buy-to-let mortgages
  • You are keen to retain your current mortgage product but now have historic adverse credit.

Additional factors include:

  • Up to 100% of property value may be possible
  • Interest rates are comparable with regular mortgage rates
  • Variable rates and fixed rates are available, fixed for up to 5 years
  • The loan term may be from only 3 years, running all the way up to 30 years
  • The loan amount may be from £3,000 to £1,000,000+
  • You may be an Employee, Self-Employed, Expatriate, Portfolio or first-time Landlord or a Limited Company
  • There are usually no Early Repayment Charges associated with Second Charge Secured Loans

Any questions? Get in touch today.

Let us say “Yes, we can help” – Have you considered a second charge loan?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Even more reasons for a secured loan

Even More Reasons For A Secured Loan

Even more reasons for a secured loan.

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I would recommend that you take a quick look at some of the key elements below. Perhaps you, your family or friends fall into one or more of these areas?
Here at SUL, I still have access to the largest second charge panels in the marketplace so if I can’t place a case, I doubt anyone can. I remain fully Independent. Feel free to contact me using the details below this article.

For Residential Owner-Occupied Homes

Examples of acceptable circumstances for Contractors and those with short work history:

  • 6 months contract or a rolling 3-month contract renewed at least once
  • Umbrella companies acceptable
  • Contracting less than 12 months – Weekly contract rate x 46 (minus expenses)
  • Only 1-year track record of employment in the same line of work required

Acceptable Properties; usually unacceptable for mortgages:

  • Ex Local Authority flats/maisonettes
  • Flats above commercial premises
  • Flats above take-away, restaurants, pubs
  • High rise flats and deck access

For those with large families:

  • Up to 4 applicants accepted with all incomes considered
  • Second charge applicants do not have to be on first mortgage
  • Borrowing may run into retirement
  • Up to age 85 at end of term
  • Current income used if retirement is more than 10 years away

For cases where Interest Only is preferred:

  • Up to 60% of property value can be used
  • An investment vehicle or downsizing may be used as an exit route
  • An Impaired Credit History is acceptable
  • Current Debt Management Plans may be considered
  • Up to 3 CCJ’s and 2 missed mortgage payments are allowed, up to 70% of the property value
  • Up to 3 missed unsecured payments in last 6 months are allowed
  • Telecoms missed payments ignored

Buy to Let

  • Owned personally, by a trading company or an SPV
  • Portfolios of up to 15 properties
  • Older or retired landlords – interest only up to 75% of property value and up to age 95 at end of term
  • Expats – No minimum income required
  • Impaired credit plans available
  • HMO’s up to 8 bedrooms and multi-unit blocks up to 5 units

Many independent lenders have numerous individual underwriting niches which on their own are valuable and can fill the gaps on tick-box circumstances.

Let us say “Yes, we can help” – Even more reasons for a secured loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Withheld Consent On BTL

Withheld Consent On BTL

Withheld consent on a Buy-to-Let

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Let me tell you about this new second charge product which has now been released, aimed at withheld consent on BTL.

Many people will undoubtedly have had problems placing second charge loans behind certain BTL first mortgages as the lender won’t consent to a further charge, they want first and only charge.
A few of the first charge lenders which normally withhold consent include Santander, Mortgage Works, Platform, Paragon, the list goes on,  there are others.

This new product specifically solves the problem and at rates lower than previously available.
• Maximum loan of £50,000
• Maximum Loan-to-Value of 65%
• 1% loading on the interest rate, but otherwise subject to meeting lenders standard BTL criteria.

If the withheld consent on BTL also has arrears, we can accommodate this too.

This new product is just one of our lenders which doesn’t require consent from the first mortgagee.

As a reminder, it needn’t be a BTL, residential loans can also be arranged on the same basis.

 

Let us say “Yes, we can help” – Withheld consent on a Buy-to-Let

Office Telephone: 01379 644061

Office Mobile:  Call, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

second charge loan identifier

Second Charge Loan Identifier

Second charge loan identifier:

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Sometimes, a second charge loan can be a better solution than a remortgage, but it’s not always easy to know when. That’s why we’ve put together the second charge loan identifier.

When a second charge loan works better than a remortgage:

When you are on a low SVR or base rate tracker mortgage which is too competitive to remortgage away from but still want to raise additional funds.

When you are on an Interest-Only mortgage; A remortgage will force you onto Capital and Interest, often raising payment to an unaffordable level.

An excellent solution for recently self-employed people, and those who need to work off projected figures to prove income.

For those with adverse credit in the last 3 years.

For those who wish to raise money on Buy-to-Let properties.

A Second Charge can be used for almost any purposes (consolidation, business purposes, tax bills, etc)

Product overview: 

Loan amounts from £10,000 – £2,500,000

Low interest rates

Up to 95% of property value, sometimes 100%

Adverse credit registered over 12 months ago may be ignored

Fixed rates are also available

1st and 2nd charge BTL loans available

There is the ability for cases that are outside criteria to be referred

Interest-Only products are available

Can raise money on residential property for business purposes

Let us say “Yes, we can help” – For second charge loan identifier assistance

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp or Viber  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

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So You Think You Know About Loans?

So, you think you know about loans?

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Historically second charge mortgages, more commonly referred to as loans, were seen as a last chance option for a client’s borrowing needs. The rates were much higher and carried hefty early repayment charges. However, fast-forward to today, loans are regulated exactly the same as mortgages, and in many circumstances can be more appropriate than a remortgage. So… do you really know about loans and second charge mortgages?

There are many scenarios when a loan could benefit you when looking at capital raising and can offer a welcomed haven against some of the restrictions on the first charge (mortgage) market.

Characteristically, we see loans for customers who are looking to:
• Retain their current low-rate mortgage / interest-only mortgage
• Raise capital on BTL properties
• Circumvent the early repayment charges that a remortgage may be subject to
• Capital raise where any adverse credit means you are unable to remortgage on the high street
• Raise funds on a term-loan that would take you beyond normal retirement age
• Avoid paying upfront fees or costs for valuation
• Receive the funds sooner than a standard remortgage could offer

We are specialists in Residential, Buy to let and Commercial properties, and offer advice and recommendation on the marketplace as a whole, we are not tied to one lending source, application route, nor institution. For loans, we have access to a diverse panel of lenders who are able to provide solutions for all circumstances.

Let us say “Yes, we can help” – So you think you know about loans?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

About Loans

About Loans

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Loans can be used for many purposes:

  • Home, Business or Buy-To-Let
  • Capital Raise or Debt Consolidation
  • No long-term tie-ins, mostly Penalty-Free
  • No Upfront Fees
  • Employed / Self-Employed/ Company Directors
  • From £3,000 to £1,000,000 available, subject to criteria
  • No changes to your current mortgage or terms
  • Client-Friendly flexible underwriting and high-income multiples
  • All credit circumstances considered

And finally…. For when your “Bank says No!”

…..We can often say “Yes” – About loans

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE