Why Use Truffle For Your Home Extension Loan?
If you were to get a secured home extension loan with Truffle, you wouldn’t have to pay any fees upfront to start the expansion project. However, personal circumstances play a big part in the method of funding that’s most appropriate for you. Therefore, we recommend doing your own research and getting expert advice from us regarding your personal circumstances and how it can affect your ability to get a home extension loan.
What Are The Benefits?
- They are usually cheaper than unsecured loans.
- With enough equity, you could possibly raise a large amount of money.
- They can be repaid over a term of up to 30 years. The longer the term, the lower the monthly payment which can make life a little easier financially.
- You don’t need a perfect credit profile to get a second-charge mortgage.
- We are able to setup a home extension loan fairly quickly so that there are no delays in your project.
Speak To Our Experts
Sarah Stroud CeMAP
Nick Johns CeMAP
Sarah Stroud CeMAP
Nick Johns CeMAP
Sarah Stroud CeMAP
Nick Johns CeMAP
Sarah Stroud CeMAP
Nick Johns CeMAP
What Can I Use A Home Extension Loan For?
A great reason to take out a home extension loan is if you have run out of space in your property and do not have the funds to move into a new property. The home extension loan can be used to add extra rooms to your property for a lower fee than changing your property entirely.
It isn’t always affordable to change your property after adding on all the fees that come with it. This means that the option to extend your home can be very tempting but this type of work is still very costly. Therefore, it’s crucial that you speak to an expert for assistance with finding a suitable way to fund the project.
Second Charge or Home Extension Loans
If you have a good amount of equity in your property, a second-charge mortgage may be your best option to get a home improvement loan.
For example – if your property is valued at £150,000 and you have £50,000 outstanding on your mortgage, you would have £100,000 worth of equity, which we would class as a “good amount”.
A second charge mortgage, also known as a secured loan, is separate to your main mortgage and sits behind it. Our specialist mortgage advisors are experts in second-charge mortgages and will happily provide you with any advice or information that you may require if you wish to go down this route.
Are There Any Risks?
You should think carefully before securing debts on your property and ensure you understand the difference between unsecured and secured debts. By securing debts against your property, you increase the risk that your home may be repossessed if you fail to maintain repayments of your loan.