and secured loans
If you are a homeowner and you need to borrow some money to replace your car, consolidate your finances, or make some much needed home improvements, Kingsway can advise on the best option for your circumstances:
In 2011 we placed an applicant on a 5 year fixed rate. They borrowed £800,000 on an interest only mortgage for a £1,600,000 house. A few years later, they wanted a further advance of £300,000 to carry out some home improvements. Unfortunately, only they could deal directly with the lender. Although they wanted the additional money to be on an interest only basis, they were told that the full £1,100,000 would have to be on a capital repayment basis, which would have dramatically increased their monthly mortgage payments.
We were able to ask one of our contacts at the bank to get involved and with their influence we managed to keep the original mortgage as interest only, with the additional advance on the basis of a capital repayment.
Call our Further Advance Team on
020 7383 4181