A secured loan, also known as a homeowner loan or a second charge mortgage, is a credit agreement that is backed using the equity in a property owned by the borrower. Therefore loans of this kind are only available to people who own their homes, and will be used to borrow anything from about £5,000 to £125,000. A secured loan may also be an easier option to borrow than a re-mortgage due to poor credit rating.
A bridging loan is designed to 'bridge' a gap if you need to borrow money quickly for an interim period for a property transaction. The loan usually lasts no more than 12 months and acts as a cash injection at a time when it is much required. A bridging loan is not a replacement for a long-term solution. This loan is typically used for broken sale chains, auction purchases, full retention renovation, below market value, properties that can't be mortgaged, or change of use. A regulated bridging loan may also be a good option for clients who have found their dream home and have yet to sell their property.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Fees and charges vary depending on the services we provide. Typical fee for mortgage advice is £500.
WPJ Mortgages & Financial Services is a trading style of William Jeffrey, who is an appointed representative of The Right Mortgage Limited,
which is authorised and regulated by the Financial Conduct Authority.
Contact us to find out more about personal loans and homeowner loans
in Aberdeen & Surrounding Areas.
01224 279672 or 07889 692222