If it becomes apparent to your advisor that a residential mortgage is not a valid or the appropriate option, they will discuss alterative options with you such as these:
If your circumstances mean that additional borrowing by way of a mortgage is not possible, you may consider a secured loan as an alternative to borrow against a property you own. Secured lending rates and fees do tend to be considerably higher than are typical for a mortgage, so such loans are usually a second choice.
There are also occasions when it might be advantageous to consider a secured loan rather than a new mortgage, for example if you have a great mortgage deal you don’t wish to lose and your existing lender will not advance you a top up loan.
It’s a lot more difficult to get a bridging loan than it used to be, and whilst generally not a situation anyone wants to be in given the high interest rates applicable, its not something that can always be avoided. Just because you’re unlikely to find your high street bank particularly accommodating of a bridging loan request doesn’t mean there aren’t lenders out there who can help. We have access to such lenders, so give us a call and see how we can help. Bridging finance is arranged by introduction only.
Your home is most likely your most significant asset and as many of us are living longer, so too are many starting to look at raising finance against their home to fund their retirement. If you would like to know more about Equity release your advisor can put you through to one of our specialist partners.
If looking to arrange finance for business purposes, or by using commercial property as security, it may be that traditional mortgage lending is unavailable to you and that Commercial Lending is the appropriate finance method. This may not always be clear in the case of sole trader business and property related business – for example a Bed & Breakfast with more than a couple of let rooms is likely to need a specialist or commercial loan even when the owner lives there.
All of these alternative finance options are arranged through our business partners.