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Raising Additional Funds From Property (Bridging Finance (Charges…
Raising Additional Funds From Property
Further Advance
Lenders - Gathering information
Assessing ability to repay
Income and occupation
Regular and irregular expenditure
Family/ household circumstances
Conduct of existing account
Assessing the security
Reassessment of property
Property value
LTV
Advance for home improvements
Local authority/ legislation conditions
Location and neighbourhood
Postponement of second charges
Deed of postponement
Tacking
Higher lending charge
Listed buildings
Architect's certificates
MCOB rules
Regulated mortgages
Illustration
Based on further advance
Use 'additional borrowing' term
No repayment strategy - inc. cost of savings not included
MCD regulated mortgages
ESIS
Inc. APRC
Bridging Finance
Types
Open bridging
Closed bridging
Charges
Valuation fee
Legal fees
Arrangement/ Completion fee
Loan interest
Exit fee
MCOB rules
MCD-exempt bridging loan
12mths or less
MCOB 4.7
Advice - customers and circumstances
MCOB 11
Assess affordability
Interest roll-up - No affordability