Second charge loan on Buy to let property? We can help
28 August 2018 3229 Views
If you’re a landlord who owns a buy to let property or perhaps a portfolio and need to raise money against the equity in your property then the experts at Feasible can help. Feasible.co.uk are second charge mortgage specialists help homeowners and landlords release the equity within their buy to let property business by way of a second charge loan.
What is a second charge loan?
A second charge loan is similar to your mortgage in that it is a loan that is secured against your property. Like your first charge mortgage they can also be repaid over the long term up to 30 years with some lenders.
How much can you borrow?
Lenders for second charge buy to let loans allow a maximum of 75% loan to value and loans can be arranged from £10,000 plus. The actual amount will depend on the available equity in your property and affordability of the loan. A broker will be able to advise on how much you can borrow and provide a personal quotation.
How quickly can loans be issued?
Loans can be arranged quickly within a couple of weeks normally. However, in emergency cases BTL secured loans have been known to complete within 48 hours.
What type of BTL properties can loans be secured against?
Regular residential buy to let property
Semi commercial property and flats above shops
Multiple properties and portfolios
What can the loan be used for?
The funds from your loan can be used for any purpose. Popular options include debt consolidation, making home improvements and to pay for one off expenses such as new cars, holidays and even weddings.
What kind of fees are there?
You will be required to pay a lender and broker fee upon successful completion of the loan. The exact amount of the fees will be explained upon a quotation from the broker.
Who can apply?
Second charge lenders offer flexible lending solutions and can cater for most applicant types including:
Self-employed and contract workers
Pensioners and retired applicants over the age of 65
Unemployed and those unable to show proof of income
Professional landlords and multiple property owners
Applicants with poor credit, CCJ’s, defaults or missed payments
None mainstream applicants who may have been refused finance elsewhere
How can I find out more?
Request a quote from Feasible and they will provide a no obligation quote. Find out quickly how much you can borrow and what options are open to you. Click here to get started.