There’s good news for homeowners looking to unlock some extra cash from their homes! Step One Finance has announced some changes to its second charge mortgages.

What’s Changing?

For residential properties:

• Loan-to-value (LTV) increased: You can now borrow up to 95% of your home’s value, up from 85%.

For buy-to-let properties:

• Loan-to-value (LTV) increased: The maximum LTV for buy-to-let properties has increased from 80% to 85%.
• Higher maximum loan: Landlords can now borrow up to £150,000, a significant jump from the previous £100,000 limit.

What does this mean for you?

This is fantastic news if you’re a homeowner looking to:

• Consolidate Debt: Use the equity in your home to pay off those expensive credit cards and loans.
• Fund Home Improvements: Create your dream kitchen or that extension you’ve always wanted.
• Help Family: Give your loved ones a financial helping hand.

What did Step One Finance say?

Martin Porter, head of lending at Step One Finance, said: “These product improvements continue to expand our product offering enabling our broker partners to help and serve even more customers.”

What should you do next?

These changes give homeowners and landlords more options to access the money they need. Speak to a mortgage broker to see how these changes could benefit you.