There are many different reasons someone may want to raise additional funds – for example, for home improvements, for debt consolidation or to raise funds to purchase a buy to let property.
There are various ways to borrow further funds:
Let to Buy
Second Charge Mortgages
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Some buy to let and let to buy mortgages are not regulated by the Financial Conduct Authority
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This is borrowing more money from your existing lender. This route makes sense if the rate from your existing lender is competitive when compared to other lenders, or you don’t want to remortgage or switch lenders. Perhaps remortgaging would mean having to pay an Early Repayment Charge.
Borrowing for home improvements can be a really good idea as it could add value to the property, hence increasing your equity in the long term. Debt consolidation can also be a good idea as it can help reduce outgoings, but clients should be aware they will be securing further debt against their home which may put their ownership at risk if they are unable to keep up with payments. It could also mean they pay more interest in the long run.
Let to Buy
This involves changing the current mortgage to a buy to let mortgage and raising funds against the existing property to put down as a deposit on a 2nd property.
Clients wishing to do this should ensure they have sufficient equity in their property, and should have an idea of what sort of rental income they will achieve. Most lenders will require an ARLA letter to confirm rental figure achievable, and may also require consent to let from the original lender.
Second charge mortgages
This is another type of loan secured against your property and can be used to raise funds as an alternative to remortgaging. It can be useful if your circumstances have changed since you took out your first mortgage and for example your credit rating has gone down, which could make it challenging to remortgage.
Remortgaging could mean in this instance paying a higher rate of interest than your current rate and would therefore make you worse off. Taking out a second charge loan would mean only paying a higher rate on the new loan.
This can be a really good option if your current deal is coming to its end, and there is a better deal being offered by a different lender. This would involve switching lenders and raising funds against your capital. If you’re concerned about rate rises, remortgaging and fixing on to a rate could offer stability and peace of mind.
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