Whether you are looking for a loan or a mortgage we have the solution for you. We have partnered with specialist that can offer loans and mortgages whatever your circumstances. So if you have an excellent credit rating or you are building your rating higher we will be able to match you with the product you need.
A loan can be the convenient way to make a larger purchase or to get some financial help. We want to take the stress out of finding a loan (or mortgage), so we have partnered with specialist FCA registered brokers who will talk through your circumstances and find the loan that is right for you.
A loan isn’t always the best solution so when you talk through the application always be honest and that way you will only be offered be products that you can afford to repay and over the right period of time.
Taking out a loan shouldn’t be a nerve wracking moment and because of the solutions we offer we hope that it isn’t. You will be talking to a specialist who will talk through the process from start to finish who will be able to find the right solution for you.
Some of the loan products we compare are listed below with a brief explanation of the product
Also known as an unsecured loan, these are normally up to £25,000 and because they are unsecured they are not secured against a car or property. Interest rates vary on the amount you are borrowing and your personal circumstances.
A secured loan (also known as a second mortgage) is for a larger sum and is secured against your home or another asset of greater value than the loan. The interest rates are typically lower than a personal loan with longer repayment periods. If you can not keep up with the repayments the asset which it is secured against (home, car, art) will be seized.
Short term loans
A short term loan are typically for up to 12 months and for a lower sum of money. The APR is high on these loans so they should not be the first solution you think of. These should also not be confused with a pay day loan.
You will need to have a family member or friend who pay the loan if you miss any repayments. It is an unsecured loan but your guarantor will be responsible for repaying the outstanding amount. Some lenders will require a guarantor if you have a poor credit history
This is a short term loan to ‘bridge the gap’ until you wait for other money to come in. Typically these are for larger sums of money and a short period of time. If you were selling a house but needed to complete on another before the sale went through a bridging loan could be used. The loan is not very common in the consumer market because of their risk.
When you are not moving properties you can remortgage for many reasons such as when your current initial term is coming to an end and you will be moved onto a higher rate, you are not in a fixed term and have equity in your property that could reduce your costs, you want to reduce the number of years you borrow over or you want to release equity from your property and borrow some more money.
First Time Buyer
Specifically for when you are buying a property without one to sell or another property. You can typically get a mortgage with a smaller deposit, especially since the government’s mortgage guarantee scheme in April 2021 you can now get a mortgage with 5% deposit through selected lenders.
If you don’t port your existing mortgage to the new property you will need a new mortgage to purchase the property. You will need to do a completely new application but you can compare the whole of the market so you might be able to get a better rate by switching provider.
Buy to Let
If you are not going to live in the property you need permission from your mortgage provider and they will typically make you have a buy to let mortgage. The rates are slightly higher on these mortgages to offset the risk of the tenant not paying. The rental value of the property is used as a factor in the decision to provide the mortgage amount and this needs to be at least 145% of the annual mortgage interest repayments. The deposits also need to be higher on a buy to let (BTL) mortgage.