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Whether you are looking at buying a property or carrying out work on your existing property, there is a need to ensure you have the money ready to spend. In most cases the cost this requires some form of finance, popular property finances include mortgages for buying a new property, if you are already owning a property you are able to release equity on your property with the use of either a remortage or secured loan. Alternative finance options include bridging loans, personal loans as well as guarantor loans.

The choice of finance will depend on a number of things that includes, the type of property you are using, different rules apply depending on whether the property is a commercial or residential. Another factor is the loan to value of the equity in the property as well as your credit rating. When looking at arranging finance for your property it is important to consider carefully before securing a loan against the property, in the event of missed payments your property may be repossessed. It may be worth while seeking professional help from a qualified mortgage adviser or other finance professional.

Property Mortgage

A mortgage is a loan taken out to purchase a property, in most cases there are a variety of different mortgage lenders offering mortgage plans, if you are buying a commercial property or a residential property you will be given the option of the different plans to choice from. The mortgage loan can be spread over various lengths, the most popular option is a repayment mortgage, this means the mortgage is paid off monthly, including the interest charged by the mortgage lender. This means that the total amount repaid will be greater than the initial amount borrowed. It is important that you keep up the repayments on your mortgage as missed mortgage payments will result in penalties, if you continue to miss repayments then your property may be at risk of being repossessed

Remortgage

When you have purchased on a property with a remortgage it is common practice to remortgage at intervals throughout the mortgage. Remortgaging is the process of swapping your current mortgage plan for a new one, this is most often done when you get to the end of the initial low rate. Another reason to remortgage is to release equity from your property, it is important to consider the extra costs of remortgaging most mortgage will have early repayment charges during the initial starting period of the mortgage.

Secured Loan

A secured loan is also often referred to as homeowner loans or a second mortgage. Secured loans work in conjunction with your current mortgage, releasing equity from your property, missed payments on a secured loan may also result in your property being repossessed.

Personal Loans

A personal loan is usually an unsecured finance option, when using a personal loan the maximum loan amount is often around £15,000 making it only suitable for the smaller home improvement projects. Because personal loans are often unsecured you may require a better credit rating, if you have a bad credit rating you may not be able to get a personal loan or may have to pay with a larger APR.

Guarantor Loans

A guarantor loan is a finance option which is an alternative to option for those of us who may not have the best credit plan and may find it difficult getting approved finance. With a guarantor loan you have someone guarantee the loan, who will be responsible for the debt if you default on the payments of the loan, as with personal loans guarantor loans are usually for smaller amounts.

Bridging Loans

A bridging loan is a finance option designed for shorter periods of time until longer term finance can be arranged, a bridging loan is a popular option those of us who have bought a property during an auction and needs finance faster than the usual mortgage completion.