Larger loans accessible
Larger loans are becoming more accessible this year and I am hearing about a bigger take-up, as more people realize the benefits of these, and how they may help them.
Loans from £100,000 to £200,000 are more common; here are some recent large loan scenarios where you may consider a Second Charge loan:
£200,000 – For business investment
A client wanted to buy a share of his current company. This would increase his income through dividends and he wanted a lender to use the extra income within the affordability calculation.
£150,000 – Refurbishment – No kitchen or bathroom
This client was considering a bridging loan to bring the property up to mortgageable standards and intended to move in and then refinance.
However, a term lender agreed to take on the case which removed the need for an expensive bridging loan, also saving unnecessary fees. The client also got a far lower interest rate and didn’t have the pressure of exiting the bridge, a win-win situation.
£97,000 – Full consolidation
This client had a combination of credit cards and expensive loans which had built up over the years.
They could afford to make minimum payments but not much more, so the balance was hardly reducing.
A full consolidation loan reduced the outgoings by £1600 per month and immediately started eating into the balance outstanding.
With the ability to overpay, the clients were in a position to make further capital reductions when it suited them.
£110,000 – To pay a tax bill
It’s that time of year where many people start to worry and struggle… HMRC do not take prisoners, there are no excuses allowed when they need their payments. A large loan may provide a very worthwhile breathing space.
These larger loans are more accessible than previously and although deemed as Regulated, they come under a different set of rules when compared to regular mortgages, therefore have underwriting advantages.
I am here to support you and your needs, feel free to speak to me directly or use online contact as below.
Let us say “Yes, we can help” – Larger loans accessible now
Office Telephone: 01379 644061
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THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME