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A secured loan is money you borrow that is secured against an asset you own, usually your home.
A Secured Loan or Second Charge can be a useful option where a traditional mortgage just won’t work or where there are penalties to pay for early repayment.
Providing there is sufficient equity in your property a Secured Loan or Second Charge can sit behind the main mortgage and provide funds for property improvements, consolidation, or a whole other host of other reasons where a lump sum may be required.
This option is usually quick and there will typically be no early repayment penalties, making it ideal for short term funding.
Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money.
As well as helping home-movers when there is a gap between the sale and completion dates in a chain, this type of loan can also help someone planning to sell-on quickly after renovating a home or help someone buying at auction.
A commercial mortgage can be used to buy property (or land) that will be used for business purposes. They could also be appropriate for clients looking to purchase or refinance commercial properties as an investment.