What is a Higher Lending Charge?
A Higher Lending Charge (HLC) is a form of insurance cover which your lender may take out when you apply for a new mortgage. It is used in case you fall behind with your mortgage payments and they have to repossess your property and sell it.
If you are borrowing more than 80% of the property’s value then a HLC will normally be needed. The cost of the higher lending charge is paid by the borrower but occasionally a lender may subsidise this.
The previous name for higher lending charges was Mortgage Indemnity Guarantee (MIG). Neither of these will provide any benefit to the borrower.
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.