We can’t do everything or we would be jack of all trades and a masters of none. To help with these products we get a company with a good track record who specialises in that area to call you and help you out. They generally keep us informed so we can make sure you are being looked after properly. We never charge customers for this service but the company we refer you to will often charge a broker fee.
We work with the largest equity release specialist brokers in the UK to help you remove equity tied up in your home. The most common reasons for customers wanting to do this are:
Help children with a deposit
Reduce inheritance tax
Repay existing mortgage
Enjoy holidays and cruises while you are still young
Home adaptation and care
Second charge loans are provided by specialist lenders and are generally short-term loans that can be secured against the residential or buy to let properties. The difference between second charge loans and standard mortgages is that the lender has second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’. However, they may still be the best option for people seeking to raise capital in cases where their main lender is unwilling to provide further finance, or where expensive early redemption charges would be incurred.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one. Loans are generally short term and secured against the existing property, but are repaid as soon as this is sold. ‘Bridging’ loans may help you to secure your new property, but you should be aware that they can be expensive and if the sale of your existing property falls through, you could be left paying two loans at once.
Some buy to let and some bridging loans are not regulated by the Financial Conduct Authority.
If you need a second charge mortgage we will refer you to a master broker for second charges, who will be able to advise you.