Most clients seem to be unaware that if they need to raise additional funds on their mortgaged property for any number of reasons;
1 Home Improvements
2 Pay off unsecured loans and credit cards
3 Clear a tax bill
4 Raise funds to help purchase another property
5 Buy a car or boat
6 Clear an overdraft
7 Invest into a business
Going back to your existing lender may not always be the best course of action, as the purpose of the loan may not fit with their current lending criteria, and mortgages are now very firmly based on affordability, and many clients even with a squeaky clean credit profile are not finding it as easy to raise funds as in the past.
A SECURED LOAN is now the jewel in the crown as the underwriting is far more flexible, which means the stress test on affordability is not as tough, and most of the lenders will lend for almost any legal purpose as long as they have the required equity in the property.
The lending terms for a secured loan start from a very attractive base rate and will be tailored to fit the client’s credit profile and ability to service the debt. Client’s will also be pleasantly surprised at how flexible the general underwriting is, and how quickly the funds are made available.
The very big plus side of secure lending is that some lenders have turned the clock back to pre-recession terms and will consider loans of up to 125% of the valuation. Just how much better can it get, pick up the phone and call us now.