Waiting to make Home Improvements?

Steve Weisner - Independent Financial Adviser Radcliffe & Newlands

It is often the case that clients wait until their existing mortgage deal has ended to raise money for those much needed home improvements or an important purchase. However there are a number of options available that can mean borrowing additional funds without the need to move away from your existing mortgage deal.

Those options include: Contacting your existing lender – this is know as a Further Advance, a Personal Loan and a secured loan. Each of these options have their advantages and disadvantages and at Radcliffe & Newlands we can help you with selecting the most appropriate method.

Over the past few months we have been asked by an increasing number of clients to help with arranging a secured loan because the other options have not been available.

A secured loan involves borrowing funds from a different lender who then takes a second charge against your property. The benefits of a secured loan over say a personal loan are: 

• Lower monthly payments 
• The ability to be able to borrow larger sums of money
• Spreading repayments over a longer period of time

There are disadvantages though that should also be bourne in mind.  These are:

• A higher interest rate than that of a standard mortgage
• There may be penalties for early redemption
• There may be up front costs

As you can see there are a lot of factors to take into account when deciding whether a secured loan is the right choice for you. At Alexander Sterling we will be able to guide you through the process and source the best rate for you from lenders across the market offering loans from £5,000 to £150,000.

In terms of timings a secured home owner loan can typically be turned around in 3 to 4 weeks. So if you are playing the waiting game – speak to Steve and you may find that those home improvements can begin sooner than you think.

If you are waiting for your mortgage deal to come to an end before making home improvements call us to find out your options. 

Steve Weisner
Independent Financial Adviser
Radcliffe & Newlands
5th Floor Crystal Gate
28-30 Worship Street
London
EC2A 2AH  

Tel: 020 7382 0437
Fax: 0207 374 0462
Email: SWeisner@myeggnest.com
www.rad-new.com

If you have a question or if you would like to discuss becoming a client with Radcliffe & Newlands then do please complete the very short form on the right hand column of this page.

You will usually get an answer within 24 hours except during the weekend or bank holidays.

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