Added to loan explained, and how we may help with your mortgage requirements
Added to Loan refers to certain fees or costs that the lender will allow the borrower to add to the mortgage loan.
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Here we provide more information on the kind of costs and fees that can be added to loan, and how we might be able to assist you with a mortgage or remortgage.
Table of Contents:
What is added to loan?
So, as previously mentioned, 'Added to Loan' is a phrase used that refers to certain fees or costs that a Lender will allow a borrower to add on to their mortgage loan.
These costs and fees will often include one or more of the following:
Naturally, we understand that peoples lifestyles these days mean that it's not always possible to conjure up what may amount to thousands of pounds in fees! And therefore the ability to add these attendant costs of the mortgage can be most useful.
However, if at all possible, it is usually more economically prudent to pay such costs from savings, or in the case of borrowers selling their existing home, from the equity realised from the sale.
Not to do so will mean that these costs will be incorporated into the mortgage over the term of the loan, which may be 25 years or more! Interest becomes payable on the amount until the mortgage is finally paid off.
Can I add fees above the loan to valuation?
Very often, yes you can add fees above loan to valuation. However, this of course does depend on the lender and scheme parameters.
How can Shire Direct help me?
Hopefully, that has given you a clearer picture of the phrase 'Added to Loan' and answered any initial questions you may have had. If you think this facility would help you then please don't hesitate to contact us, we'd love to hear from you! Call us on Freephone 08000 282 281, our lines are open seven days a week from 8am until 10pm. Alternatively, why not contact us online any time. Our professionally qualified mortgage advisors will be delighted to provide you with an in-principle decision, whatever your circumstances.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.