Homeowner loans from Feasible.co.uk
Feasible are a second charge mortgage specialist who help homeowners raise additional funds against their property. Loans can be arranged from £5,000 - £2,000,000 for almost any legal purpose. Popular loan uses include debt consolidation, buy to let, and to make improvements around the home.
Loans can be repaid over 3 – 30 years and rates start as low as 4.2% APRC with solutions for most applicant types including self-employed and those who may have credit issues or been refused credit elsewhere.
What types of loans are available?
Feasible offer: Secured loans for homeowners: These types of loans are second charge mortgages that allow homeowners to secure a loan against their home alongside their existing first charge mortgage up to 95% loan to value. These loans, like your mortgage can be repaid over the long term if required and are available with no early repayment charges (ERC’s) if you did wish to repay the loan early.
Feasible offer: Buy-to-let rental property loans: These are secured loans against buy to let property including HMO’s, student lets and semi-commercial property investments. BTL loans are none regulated and can often be arranged very quickly when funds are needed urgently. Lenders have a wide range of solutions to suit most applicant types. Loans can be arranged up to 85% Loan to value including bad credit solutions, self-employed and exclusive rates.
Feasible offer: Home Improvement Loans: These types of loans are for applications who wish to carry out home improvements and are typically used to help fund new kitchens, bathrooms, home extensions and modernisation projects. These types of loans can be arranged while keeping your existing mortgage deal in place.
Feasible offer: Debt Consolidation Loans: These types of loans are a very popular options for borrowers who wish to consolidate their credit cards, overdraft and existing credit commitments into an easier to manage homeowner loan. A popular option for applicants who may be struggling with the monthly repayments of their existing credit commitments and need to lower their monthly credit outgoings.
Remortgage affordability decline & a £19,000 consolidation to make monthly savings
The client wanted to borrow £19,000 to consolidate her two personal loans and a credit card via a remortgage @ 54% LTV on interest only as she would downsize in 11 years’ time. She had reduced her hours from a full time to part time staff nurse and was in receipt of an NHS pension too. Her loan and credit card commitments were costing her £542 per month and so with her reduced net income had to make monthly savings to continue her lifestyle. The broker had sourced and contacted many lenders to see if they would approve on either interest only or on capital and repayment over 11 years.
She was declined by every lender that was approached upon affordability and so the only option available was to arrange a product transfer with the Halifax reducing the rate from SVR to a 2 year fixed rate which saved her £120 per month and applying for a second charge mortgage to consolidate her loans and credit cards.
After carrying out research including a soft quotation credit search one of our advisers referred the enquiry to one of our prime lenders based upon the merits of the case. The lender approved the referral within 90 minutes for the amount requested.
The client saved £ 278.00 per month from the second charge mortgage and £400.00 per month overall thereby meeting her short term financial objectives. Our broker was happy first and foremost as a solution could be provided for his client, whilst charging a broker fee.
To discuss a new enquiry whether it be a Second Charge mortgage , a non-mainstream / declined Buy to Let , Specialist First Charge mortgage or Bridging Finance you can contact us and request a quote at www.feasible.co.uk
If you would like to get an estimate of costs and loan monthly repayments then you may find this secured loan calculator useful from Follow Coin: https://www.followcoin.org.uk/secured-loan-calculator/