Second Mortgages

Second mortgages or caveat loans can be extremely useful in the right situation. For a lot of clients we sometimes we don’t quite have enough deposit funds to get you to minimum required deposit and we are able to borrow some funds secured at a lower interest rate secured against your new property. Often this is a tidy way to mop up any high interest short term debts and reduce your weekly repayments with a secured loan until we are able to refinance back to a mainstream lender. This makes things much more affordable and can get you into your house sooner, with a refinance back to the bank on the horizon. This can mean that overall you are paying significantly less interest.

We often use caveats or second loans to add value to your house through renovations, or adding a second dwelling such as a transportable home without breaking your current fixed lending. They are extremely helpful with larger unforeseen expenses such as a wedding, or paying off some tax arrears that have built up.

These are specialist loans that in the right circumstance can have a massive impact on your cashflow and to help you to get over the line when putting together a new purchase, or property expansion rather than using more expensive forms of lending.

If you have tax arrears, would like to discuss a transportable home, or are falling just short of the deposit you need please get in touch to discuss what options might be suitable for you case.

 

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