ONCE YOU HAVE SETTLED IN

FURTHER ADVANCES
Once you have been in your home a few years, you may think about major improvements that you would like to make. Extending your home can be very cost effective, especially if the alternative is moving home, with all the expense and upheaval that it can create. If you need to raise money for home improvements, talk to McAfee Properties & Mortgages. Adding something to your mortgage - known as a further advance - is likely to be the easiest option.

A 'SECOND MORTGAGE'
A second mortgage is also a loan that is secured on property. Often it is taken out for things like home improvements.

The big difference is that the lender can only be paid after the first charge or standard security has been settled in full. This means less security for the second lender, so the interest rate on offer may be higher.

REMORTGAGING
These days more and more homeowners change lenders to take advantage of a better mortgage deal.
Some lenders even offer to contribute to the costs and you may save more over time with a lower interest rate.
It is important to check what early repayment charges your current lender may make before moving your mortgage.

Your adviser at McAfee Properties & Mortgages will be happy to give you details about the different schemes available

We do not charge a fee for arranging a mortgage as we receive payment from the lender.
However, a purely fee based option is available of 1.5% of the mortgage amount.

Your home may be repossessed if you do not keep up repayments on your mortgage.