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Not everyone knows that you can secure loans by cash (instead of property), at least at some banks…
Clients find this useful in circumstances where they want to sell and then buy, and they want to keep their loan open, without needing to reapply for new loans again.
In the above scenario, without cash as security, the client would normally have to close their loan when they sell, and then need to start from scratch again when they buy their new property in due course.
Over the years we’ve seen plenty of examples where this simply isn’t feasible, because the client may not be in a position to qualify for the same loan amount again (their circumstances or bank policies may have changed).
Since ‘cash-as-security’ can have many benefits, yet very few people know about it, we thought we’d dedicate today’s recording to the topic.
Enjoy the show!
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The Long Property Show provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Nothing in the Long Property Show constitutes legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
