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There are many different types of loan available within the financial market and here we explore common options.
What is a Second Charge Loan?*
In simple terms, this is lending which will go behind your main residential mortgage, There are a number of reason to take a second charge loan which included take out some of the properties equity for home improvements, debt consolidation or to purchase another asset.
Other Loans Available
Bridging finance is a short term loan that covers both your existing home and the new property you’re looking to purchase. Repayments on your bridging loan are usually calculated on an interest only basis during the time it takes to buy your new home and sell your existing home – called the bridging period.
Commercial lending can be complex and is structured entirely differently from mainstream mortgages, and as such specific professional advice and guidance is needed to help you take the first step in purchasing commercial properties. please note some forms of commercial mortgages are not regulated by the Financial conduct authority.
Is also a short-term loan for residential property developments. It is usually advanced as a loan towards land purchase and a loan in stage payments when renovating a property.
We can recommend you to third parties who have a wealth of experience in these matters and would be happy to assist you with a more unusual venture you may be looking at.
Give us a ring to discuss any of the above.
Acquire Mortgages can advise you on the best type of loan for your circumstances.
*please note – your home may be repossessed if you do not keep up repayments on your mortgage or another debt secured on it.