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

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Recent Bad Credit

Recent Bad Credit

Recent bad credit:

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We have been working with a specialist provider of residential second charge mortgages lending to customers with recent bad credit, who are unable to obtain finance from traditional high street lenders. This can be for a variety of reasons, including such issues as mortgage arrears, Court Judgements, pending bankruptcy, Etc.

  • Up to six months current mortgage arrears accepted
  • Arrears on subsequent charges ignored
  • Up to £100,000 (more on referral)
  • Any amount of CCJs and defaults (past and present)
  • Pending bankruptcy action
  • Income tax issues and/or payment problems
  • Also available on BTL properties
  • Variable interest rates, or 3 and 5 year fixed plans available

This plan allows you to “buy” some breathing space if you have financial issues or problems.

Let us say “Yes, we can help” – Recent bad credit

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…

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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

clear credit debt

Clear Credit Debt

The Problem – Clear credit debt

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A couple needed to add a downstairs bedroom and bathroom to their home to improve their daughter’s standard of living. The couple approached their bank for a loan and were poorly advised (no surprises there) to pay for the refurbishment work on their credit cards. The Mortgage Adviser in their bank planned to help them to raise funds to clear the credit card debt through a further advance when the work was completed. Unfortunately, when they returned to the Mortgage Adviser in their bank, their debt to income was too high for them to capital raise to consolidate the debt.

The couple had accrued £100,000 worth of debt across multiple credit cards and were paying £2,999 per month minimum payment on their cards. Unsure how to consolidate the debt, they explored whether they could remortgage their house with another lender to clear the credit cards. Their case was reviewed, taking into account their new circumstances, however, they were reluctant to move their mortgage to another lender because they were tied into a competitively priced five-year fixed deal that wasn’t due to expire until June 2021. Remortgaging now would mean the couple would have to pay a very expensive early repayment penalty charge.

The Solution

A Specialist Team was asked for help. A review of the case provided an illustration demonstrating that although there were some first charge mortgage lenders who would consider the case, the cheapest option was actually a second charge mortgage, to clear the debt. The illustration clearly highlighted the cost difference when they factored in the cost of the early repayment charges (if remortgaging) and total cost of the loan including interest rates and fees.

The customer was happy to proceed with a second charge mortgage product financed by a well-known name.  The specialist team processed the case directly with the customer from this point, keeping everyone updated throughout the process. The case completed within just four weeks, enabling the couple to consolidate their debt into one simple monthly repayment of £657.97 per month, a massive saving on their previous monthly outgoings.

Let us say “Yes, we can help” – Clear credit debt assistance

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…

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how to use a loan

How To Use A Loan

How to use a loan.

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Today is about how to use a loan and who can access one. The focus today is on affordability.

Income multiples may be ignored – no loan-to-income caps
The second charge income and affordability assessments can support far larger advances when capital raising.
If income multiples don’t fit for a remortgage, they probably will for our second charge lenders.

Recent job changes – probation period isn’t a problem
Some second charge lenders tend to take a more relaxed view, especially if the previous job was in the same sector.

Contract workers – even with some arrears and CCJ’s
If it’s a short-term/recent contract, how long have you worked in that sector?
If the stability is here, even if there are other problems in the background, please check with me.

Recently self-employed – less than 12 months
There is a lot of development within the sector and there are still lenders available where a period of short self-employment is acceptable. Some will work on an accountants projection from the first 6 months,  with low early repayment charges, so that you can refinance easily once self-employment is established longer-term. Poor credit is also accepted, so it may not be the cheapest option, but it allows wriggle-room until you can return to mainstream borrowing.

I hope you liked this How To Use A Loan article; if you think a loan is affordable to you but a lenders policy decision may stop you getting a mortgage, please do check with me or use the enquiry form below. I may have a second charge option which you could find suitable.

Let us say “Yes, we can help” – For Second Charge How To Use A Loan assistance

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

Do you have Buildings and Contents Insurance? Click 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

For Buildings and Contents Insurance, Click HERE

larger loans accessible

Larger Loans Accessible

Larger loans accessible

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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

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

For Buildings and Contents Insurance, Click HERE

Self-Build development loan

Self-Build Development Loan

The Self-Build Development Loan

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Here is a great product for you, or those who want to build a house in their garden.
The problem many borrowers have is lack of development experience, or the loan is deemed as `regulated’ so there is a lack of lenders.

This new product availability ticks lots of boxes as follows:

  • Available on regulated cases
  • You don’t need to be an experienced developer
  • Ground-Up developments including:
    o Self-build
    o Barn conversions
    o Extensions increasing property by more than 50%
    o Basement excavations
  • Up to 50% of the purchase price
  • Up to 25% of site value if already owned
  • Up to 100% of build costs
  • England Scotland and Wales

There are many other types of loan product available for non-standard or unusual reasons, including an Open-Ended loan, with no expiry date, and suitable for land or property regardless of condition – ideal for refurbishment of a property that is deemed Uninhabitable; no kitchen, no bathroom, rising damp, wet/dry rot, Etc.

Let us say “Yes, we can help” – Self-build development loan.

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

Do you have Buildings and Contents Insurance? Click HERE

No mortgage history

No Mortgage History

No Mortgage History.

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How we helped:

Recently, a non-standard request was made where a client had purchased a property just 3 weeks previously, and therefore had no mortgage history. The client wanted a loan for £150,000 to conduct some improvements to the property, which would include a new extension. However, he did not want to move into the property until the works had been completed.

On the face of this, the case wouldn’t be considered by most high street lenders, as the client wasn’t residing in the property, and had no mortgage history on this new home. However, the client was referred to a very specialist credit team in the hope that they would see the merits of the proposal, that being the client earned a very good income, was in stable employment and had put down a significant deposit to make the loan-to-value a reasonable figure. The lender approved the referral for a £156,000 second charge loan and left the client absolutely delighted with the offer made available.

Let us say “Yes, we can help” –  No mortgage 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…

Return to Homepage HERE

For Buildings and Contents Insurance, Click HERE 

Third Charge Loans

Third Charge Loans

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A Third Charge loan is available up to 100% of a property value.

If you have a decent first and second charge rate and want to raise more cash but your circumstances mean that refinancing would be a disadvantage and leave you with an overall higher rate, a third charge could be just the answer. Whilst the third charge is marginally more expensive, the overall blended cost could be far lower.

A degree of Adverse Credit reference is allowed, for example:

• 5 months current loan arrears – max 2 months in last 12 and must have paid the last 3
• Maximum of 2 payday loans in last 12 months
• No missed unsecured in last 6 months but can have a maximum of 3 months down in the last 12 months

100% Loans of up to £35,000 are available.

This could suit you where a remortgage might hike up the overall rate or you just don’t have the equity to remortgage. It is also for those who would fail credit score for an unsecured loan but they don’t want to pay the higher rates of guarantor/payday loans, or where your mortgage lender won’t consent to a second charge.

The 100% plan with higher levels of adverse is available on both a second or third charge.
These products are niche and not the lowest rates you will see, but as part of an overall solution or strategy, they could often be more cost-effective.

Let us say “Yes, we can help” – Third Charge 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…

Do you have Buildings or Contents Insurance? Click HERE…

 

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