Additional Loans / Further Advances
All mortgage lenders on the Isle of Man will offer their clients further lending on top of their existing mortgage if there is adequate equity within the property and also if their incomes can justify the increase.
Equity release, additional lending or further advances as some lenders call them can assist with home improvements, financing extensions, providing funds for a car, a boat, a holiday home and in some instances you can even release funds to consolidate other debts.
There is often a fee involved which has to be paid to the lender and they may also want a new valuation of the property to ensure that the new lending keeps the mortgage within the acceptable loan to value parameters. You would also need to select a new interest rate to cover the new lending which may involve a new arrangement fee for that rate.
At Financial Options we can advise on every lender's Additional Lending policy and advise you how much it will cost. For more information please call Paul on 612611 or by e-mail on [email protected] or complete our online mortgage form.
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