Bridging & Second Charge Loans
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.
Bridging loans offer a vital service in certain circumstances and are becoming more mainstream and lower cost and we will talk you through the pros and cons given your unique position.
Second Charge Loans are also know as second mortgage and are a secured loan against a property. A second charge loan is often useful for people struggling to get unsecured borrowing such as a personal loan, this can be especially true if the person is self employed.If your credit rating has gone down in recent years but you still have equity in a property then a second mortgage is possibly an option or if you wish to borrow more money against your property but there is an early repayment charge on your existing mortgage then a second mortgage might be the product that suits.