Third Charge Loans
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
Covid-19 Update: From April 2020, lenders are regularly changing criteria.
Please call for the latest details.