When it comes to loans, some lenders have a strict criteria that you have to fit into whilst others will look at your case on an individual basis. We will be able to advise you specifically on this once we understand your current circumstances.
2nd Charge Loans
Are you looking to raise money to fund home improvements or another purpose?
Assuming that you meet certain basic criteria, secured second charge loans may be available to help fund your projects and any other activities you require this type of loan for. A loan of this type involves offering one of your assets (typically your property) as security for the borrowing.
This gives the provider confidence that should you be unable to repay the loan for any reason, they use your asset as a way of recovering their money by forcing the sale of your asset. Applying for second charge loans is usually straightforward but finding the correct product to suit your needs can sometimes prove more challenging, this is where UK Home Mortgages are able to help.
Auction finance is a great way for individuals to secure a below-market-value property, often from a motivated seller such as a bank or creditor. It could even be suitable for first-time buyers or developers too.
Auction purchases generally have to be completed within 28 days of the auction ending and in most cases a conventional mortgage either cannot be arranged (if the property is not habitable), or will not be available in time to meet the required completion deadline.
We can give peace of mind by pre-qualifying a purchaser prior to them going to auction so that they know that funding will be in place. A number of our lenders do not require valuations for auction purchases as they will work off purchase price.Get in touch with us today if you would like to discuss Auction Finance options with us.
Other Factors To Consider
A good, steady level of income and a large deposit can make you look more attractive to a lender but other factors such as age, assets and type of application also have a bearing on the outcome of your application.
Whatever your circumstances are please give us a call or fill out our enquiry form and we will be able to discuss your circumstances in more detail with you and do a quick assessment on your situation.