Whether you’re looking for Commercial Finance, a Second Charge Mortgage, Equity Release or Bridging Finance we will help support and introduce you to one of our trusted specialist brokers in these areas.
Whatever the business purpose, there are many options available to you.
Examples of these can include:
• Buy to Let portfolios
• Full or semi commercial
• Unsecured Business Loans
• Purchases, re-finance and many more options!
Second Charge Mortgage
A second charge mortgage is a secured loan on your existing property which allows you to raise funds and leave your current Mortgage as it is.
The reasons why you may wish to consider this option:
• Your current Mortgage is fixed in and any change to this mortgage could result in Early Repayment Charges.
• You currently hold a very good rate on your existing mortgage and do not wish to lose this or remortgage from your existing lender.
• You wish to borrow additional funds however your credit score has decreased, making remortgaging difficult.
• A second charge loan could work to be a more cost-effective option. This however would need to be compared to a standard remortgage option.
It is important to remember that when taking out a second charge mortgage you will have two debts to pay and could be at risk of losing your home if you do not keep up repayments on both Mortgages.
Equity Release is an option if you are looking to release some of the value from your home without having to move.
You may need to release the funds for a variety of different reasons.
However, it is important to first consider the option of downsizing before exploring any equity release loans. This could be a more viable option and may be more beneficial to you as get older. For example, you may not need the extra room you currently have and could instead move to a smaller property that is more suitable and has no or fewer stairs for example. The could then use the excess from the sale if this is sufficient.
A bridging loan is a short-term finance option available if you are looking to purchase your new property whilst waiting for your existing home to sell.
This loan can be taken out between a period of one to eighteen months.
The loan is then repaid fully at the end of the term.
If you are looking to renovate a home and sell quickly then this type of loan could be an option.
Also, if you are planning to purchase at auction where timescales are very tight then a bridging loan could help.
It is important to understand that with this type of loan the interest rates are usually high.
If you require further information/guidance on any of the above areas, we will refer you to one of our trusted specialist brokers to discuss your requirements and offer the most suitable solutions.
Novus Mortgages is not responsible for the advice provided by third parties. We are however confident of the information provided, advice received, and level of service will be of a high standard, based on our experiences with them.