How do homeowner loans work?
A Homeowner loan is a second mortgage on your home – or other property you own. The first charge is the original or first mortgage.
So think of a homeowner loan as ‘Mortgage No. 2’.
The homeowner loan is used to borrow some of the equity you own in your home. To raise a second charge loan you need to own the property or to have sufficient equity in it to offer as security for the new loan.
These type of secured loans are a way of unlocking some of the equity tied up in your property without the need to remortgage the property or to raise funds elsewhere – through a more expensive personal loan, for example.
HOW CAN WE HELP?
Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.
DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.