Over the past few months we have seen a substantial increase in the number of secured loan or second mortgage cases that have come to us.
We believe this is mainly due to the changes introduced under the Mortgage Credit Directive in March.
There are a range of advantages of a secured loan over a remortgage.
- They can be used for residential, business and commercial purposes such as home improvements, deposit for a buy-to-let property or to purchase business premises.
- A secured loan sits behind the first mortgage facility and will not affect your existing first charge mortgage (consent may be required from the lender).
- You are able to retain your current fixed rate or interest only facility.
- As a property investor, you can use your own residential property, a buy-to-let property or commercial investment property as security, either for works to be carried out on that property or investment in another one.
If you are looking to increase borrowing on a property, get in touch with us today to see if a secured loan could be the right option for you.