Specialist Lending
Anything that isn’t your normal Residential and Buy to Let Mortgage
Second Charge Mortgages
Second charge mortgages are UK-based financial products that help borrowers access the funds they need from free equity in their home. Second charge mortgages were once called ‘second mortgages', offering short-term loan options to those looking to access the equity in their homes. This type of mortgage offers a more flexible option than re-mortgaging, and allows borrowers to keep their current mortgage in place while borrowing for specific purposes.
With a second charge mortgage, you can access the funds you need without having to change your home product, change lenders, or pay additional fees and costs related to taking out a new mortgage. For many borrowers, having access to the extra money they need without having to change their existing mortgage can be a great financial decision.
The way a second charge mortgage works is that it is a secured loan. This means that the loan amount depends on the free equity available in the house, and is usually set against the lower of the property's current value or the amount presently owed against the primary mortgage. This makes second charge mortgages, much like first charge mortgages, secured against the property, and ensures that the lender can recover their loan should the borrower fail to make the required payments. Second charge mortgages typically come with slightly higher interest rates than first charge mortgages due to the additional risk taken by the lender, although this can be mitigated by shopping around.
The repayment terms of a second charge mortgage can also be tailored to meet the borrower's needs, although they are usually shorter terms than first charge mortgage products.
Second charge mortgages in the UK can come in handy for a range of purposes, whether you need extra funds for a home improvement project, to help your business, or to cover a higher education related cost. Regardless of the use, second charge mortgages in the UK can be a great solution for those who want to access their free home equity without having to take out a full-blown mortgage.
Commercial Mortgages
If you are looking for a commercial mortgage in the UK, you should know that there are many available options to suit individual needs. Whether you require a loan for rental property, a mixed use property or a retail site, there are lenders who are willing to offer you competitive rates and terms to suit your situation. Depending on your credit rating, type of property and amount of capital needed, you can find a suitable loan option that meets your requirements.
Some of the most common lending criteria typically include a minimum loan-to-value (LTV) ratio, size and type of the property, rental income, security, borrower experience and personal guarantees.
Bridging Finance
Bridging finance in the UK can be very helpful when it comes to providing emergency funding for a variety of needs. It can be especially helpful when you are in the process of buying a new property or remodeling an existing property. Bridging finance can provide an immediate infusion of capital which can alleviate any financial strain during a big move or renovation. For homeowners, bridging finance can help cover costs such as rent to move from an old property to a new one, or help secure a new mortgage on a better rate, or provide the funds needed to purchase the property of your dreams.
For those with an existing property, bridging finance can provide funds for renovations or refurbishment of an existing property. This can include updating or extensions of a property to improve its market value. This kind of finance can help boost it’s value above and beyond that of an average property. It can also be used to cover the costs of any legal fees that are associated with the purchase and sale of a new or existing property.
Bridging finance in the UK also gives you the opportunity to take advantage of any favorable long-term mortgage rates that may come available during the period of bridging finance, thus allowing you to offset any upfront costs associated with the move. This allows you to get into the home of your dreams with the funds that you have secured and remain debt free or with a much lower cost of borrowing.
Bridging finance in the UK is an incredibly useful tool for borrowers looking to buy or improve a property. It allows those facing the need for urgent funds to access the necessary funds and secure their purchase or refurbishment project in a timely manner. This makes it a great short-term and practical solution to a variety of financial needs.
Development Finance
Development finance is becoming increasingly popular, as businesses around the country look for more creative ways to finance their new developments and projects. Development finance is a form of property finance that provides short-term funds to developers so they can purchase land and materials for projects.
Development finance can offer the flexibility and speed that you need when it comes to financing major property developments. Rates are typically competitive, and the structured repayment terms are tailored to each individual development and the specific requirements of the business. Once the property development is completed, the development finance can be repaid from the proceeds of the sale or rental income earned. Thus, makes development finance UK an attractive option for those looking to finance their next project.
Generally, development finance companies will look at the location, the property's potential, the developer's track record, and the scale of the project. Companies are looking to lend against a range of property classes, including new build, existing property, garden centres, and even land. Development finance in the UK is often secured using a first charge on the property. A first charge is a secured loan, which means the lender has a charge over the property until the loan is repaid. A secured loan is usually preferable to an unsecured loan, as the interest rate tends to be lower and the loan is more likely to be approved. If you're looking to finance a property development in the UK, it's important to consider development finance. As well as being a fast and flexible way of funding property developments, development finance can also provide potential tax savings.
Knowing how to access the right finance, coupled with the right expertise, can make a huge difference to the success of your property development project.