Private mortgage lenders are alternate sources of financing when traditional institutions like a bank have turned down your application for a second mortgage or loan. Private lenders follow different qualification criteria’s in comparison to banks. They will even provide mortgages for clients with a bad credit.
Private second mortgage lenders do not consider your employment and credit score as important elements. They mainly focus on the total amount of equity that your property has. The total amount of equity is inversely proportional to the interest rate. That is if a property has a high amount of equity the interest rate will be low. On the other hand, a property having a small amount of equity will have a high-interest rate.
Most people do not qualify for a loan from Banks due to their strict guidelines and procedures. This is where private lenders come in. Private lenders do not have strict rules and are more accommodating when it comes to the mortgage terms and conditions. In this way, borrowers can use the money they receive as they seem beneficial. Hence let us know your needs and we will arrange a private second mortgage for you.
Private lenders can help people struggling with some of the following issues:
- Bad credit– Private lenders are usually more cooperative and flexible. They exploit the equity in your home to pay off debts and thus help you bring your credit ratings up.
- You are self-employed– Private lenders can be a great choice for those who are self-employed especially if you are an entrepreneur. Entrepreneurs may not declare all of their income to the government and hence find it difficult to receive a mortgage.
- Debt consolidation– Banks usually do not prefer to provide people with a mortgage when they notice that you are still in the process of paying off your existing debts. Private lenders can assist you in repaying your unsecured creditors and considerably reducing your monthly payments by exploiting the equity built up in your home.
We have specialized private mortgage brokers in Peterborough. They can efficiently guide you to receive the financial help you need. Our private mortgage brokers can quickly let you know if you qualify for a loan.
To get the best private mortgage options, please call or email us. We can arrange your loan even if you have a weak credit score.