Loan Options
Whether you are looking for short term finance to help with a temporary cash flow problem or wish to raise money for a specific purpose, we can help!
We can help to arrange bridging loans to cover short term cash flow problems, for instance due to a delay in the sale of a property and secured loans for specific purposes including home improvements, debt consolidation* or a new car.
* Think carefully before securing other debts on your home.
You will still have to pay your mortgage and secured loan if you lose your job or if illness prevents you from working. Think about whether you could do this.
What is a Bridging Loan?
A bridging loan is a short term loan secured on property by way of either a first or second mortgage.
Bridging loans are usually seen as a temporary way to ‘bridge’ cash shortfalls when waiting for other finance to come through.
Bridging loans can be used for a number of reasons:
- Purchase of a new property before an existing property has sold
- Residential or commercial property
- Buying property for improvement or renovation and then resale
- Buying property at auction
- Complete purchase of an overseas property
- Capital raising
A bridging loan is usually for a period of 3 and 12 months, however a longer term may be justified under certain circumstances.
Please note that Bridging Loans secured on Commercial or Buy-to-Let property are not regulated by the Financial Conduct Authority.
Looking for a Homeowner Loan?
Whatever your needs, if you’re a homeowner, a secured loan could be just what you are looking for.
What is a Secured Loan?
A secured loan is simply a loan where a property is used as security, similar to a mortgage. They are often referred to as a second charge or second mortgage. There are many reasons why a home-owner secured loan may be a better alternative to a re-mortgage and your existing mortgage deal will be unaffected by a secured loan. The amount of loan available will vary according to your circumstances, including the value of your property, your ability to repay the loan and your credit history.
How can The Select Partnership help?
We are a credit broker with many years experience and can help you to arrange a home-owner secured loan with one of our panel of lenders. Loans are available for almost any reasonable purpose including:
- HOME IMPROVEMENTS
- DEBT CONSOLIDATION*
- A NEW CAR
- A WEDDING
- A HOLIDAY
Secured Loans are available from £5,000 to £500,000 and we can even consider applications if you have past CCJ’s (County Court Judgements), defaults, mortgage arrears or missed payments if your circumstances have improved.
Rates start at just 5.8% APR. Typical 19.9% APR (this means that two out of three customers will receive this rate or better). The actual rate available will depend on your circumstances. Loans are secured on property and subject to status. Ask for a personalised illustration.
Our fee of up to 15% of the net loan amount, payable only on completion and capped at £2995, will be added to your loan. We may also receive commission from the lender.
*THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY
YOUR HOME IS AT RISK IF YOU FAIL TO KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT