Retirement

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…

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Bank of Mum and Dad

Bank Of Mum And Dad

Bank of Mum and Dad

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You have probably heard of what is often referred to as the Bank of Mum and Dad stepping in to help their children get on the property ladder? But did you know this unusual `bank’ was reported to be the ninth-biggest lender in the country last year? That’s quite a surprise for many people.

However, it’s probably not news to you that many first-time buyers struggle with raising large enough deposits and meeting the regulatory affordability criteria of the lenders in the marketplace – therefore many are being helped by their parents using their own parental savings, liquidating bonds and releasing equity to gift deposits.
But… sometimes families who are desperate to help their children get their first home, simply don’t have these options and cash resources to dip into. So, what other options are left for them?
Have you ever considered Second Charge loan to release home equity instead of using cash savings?

Research has revealed that the Over-50’s in London account for 65% of owner-occupied housing wealth – that’s an astonishing amount of housing equity tied-up in bricks and mortar. This embedded equity is perfect to help with the first-time buyer problem.

So, if you or your relatives want to help, but simply don’t have the cash resources available – a Second Charge mortgage, also known as a Secured Loan, may be the perfect workaround and keep the entire family happy. Bank of Mum and Dad is able to help, whilst the next generation is able to get on the housing ladder with a gifted deposit.

With interest rates comparable to normal mortgage rates they can be a cost-effective way of borrowing. It is also perfect where you might already have an existing mortgage, particularly with high early-redemption penalties, or an attractive interest rate that you don’t want to lose.

As an additional benefit, they’re quick – usually a two to four-week completion average, but can be as little as days, therefore allowing plenty of time for `the kids’ to get sorted with a gifted-deposit mortgage.

Let us say “Yes, we can help” – Bank of Mum and Dad

Office Telephone: 01379 644061

Office Mobile: 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

lending into retirement

Lending Into Retirement

Lending into retirement.

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I wanted to let you know about Lending Into Retirement products that may help you, or those you know, where the end of the current mortgage term has been reached and you do not want to sell your residential property.

Rates are comparable to regular mortgage rates.

  • No maximum age for lending
  • Loans of up to 75% of property value
  • Loan may be Interest Only
  • No income multiple – loan is based on affordability
  • Retired with dividend, Investment or Pension income?
  • Self-employed income considered beyond the age of 70
  • Lifestyle Boost into retirement mortgage product
  • Downsizing accepted
  • No credit scoring
  • Up to 4 applicants
  • Manual underwriting, not computer-driven

Examples:

  1. Applicant aged 72 – His current mortgage lender would not extend the term and allow lending into retirement due to his age. He did not want to sell his residential property. We managed to arrange a 14 year term on an interest-only basis.
  2. Couple aged 75 and wanted to help their daughter with a deposit for her residential property. They did not want to do an Equity Release and only wanted a 5 year interest-only term. We managed to get them the funds they required with the Lifetime Boost into retirement product paying a set amount each month on interest only.
  3. Applicant aged 74 who didn’t want to sell his property but couldn’t afford the re-mortgage on his pension income. We added his son and daughter to the re-mortgage, who owned their own residential homes. Their surplus income was used for affordability purposes. Although added to their father’s mortgage they didn’t need to be added to the title deeds saving them from any stamp duty fees.

 

Let us say “Yes, we can help” – Lending into retirement

Office Telephone: 01379 644061

Office Mobile:  Call/SMS/Text/Whatsapp/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