Below are some of the questions we are most often asked at Affirmative. If you cannot find the answer you need here, you can call our processing and underwriting team on 08000 44 84 84, or chat to us online.
What are your valuation fees?
Valuation fees vary according to your property or development value. If your loan is for a residential property or development finance transaction, you can use our valuation fee scale valuation fee scale to get an estimate. For commercial properties get in touch for an individual quote.
Whatever your project, you can rest assured that your fee is a direct reflection of the valuation cost. All fees go directly to the valuer or panel manager, with no extra charges added on by us.
What are your legal fees?
Our solicitors oversee each of our loans and you will need to pay their fees, but only if the loan completes. For residential properties, you can get an estimate using our legal fee scale. All the fees are inclusive of VAT and expenses – there are no add-ons. For commercial properties contact our team for a personal quote.
What can I use a bridging loan for?
Bridging loans are ideal when you need short-term funding fast, and in the past were most commonly used by homebuyers to overcome gaps in the property chain. Nowadays, though, they are used for a wide range of purposes. Ways you could use a bridging loan include:
- Securing your dream home before your current property has sold.
- Funding your property when the bank has let you down.
- Freeing up a deposit to act quickly at auction or buy following an auction.
- Financing unmortgageable properties, such as those without a bathroom or kitchen.
- Quick purchases of all property types.
But it’s not all about buying property. We have also supported customers in refurbishing their homes and investment properties, building on their land and overcoming cash-flow difficulties. Find out more with our case studies.
Can I add the cost of my fees to my loan?
We appreciate that not everybody will have payment for their fees to hand, so we offer the choice of adding the cost onto your loan. Let us know if you would like to take advantage of this option and we will do the rest.
What is a regulated mortgage contract?
A regulated mortgage contract is one of the finance solutions we offer at Affirmative. This type of loan is regulated by the Financial Conduct Authority (FCA), and meets certain conditions described by them. Read our full definition for all the details.
If you require a regulated mortgage contract your application to us will need to be submitted through an intermediary authorised and regulated by the Financial Conduct Authority.
What are your office opening hours?
Located in the heart of Manchester City Centre, our offices are open 8.00am – 6.00pm Monday to Friday. We appreciate that you might need us at other times though, so out of hours you can still can still get in touch on 0771 852 4002 or through firstname.lastname@example.org
How long is the maximum term of a loan?
We provide short term finance, so the maximum term of our loans is 18 months. We take each case individually however, and in some circumstances we may be able to extend this.
Does Affirmative charge any upfront fees?
Unlike many other lenders, we believe that our customers should not pay a penny until their loan completes. You can rest assured there will be no upfront fees payable to us.
Do I need to make monthly payments?
If you prefer not to make monthly interest payments you can choose retained interest. This involves calculating your total interest and adding it onto the sum you are borrowing. As the retained interest becomes part of your loan, it too will be subject to interest. Learn more on our products and costs page.
Do you offer loans supported by second charges only?
A second charge loan enables you to secure a loan against the equity in your home or any other property you own. We can provide loans supported by second charges, although the loan to value will usually be lower than a first charge one.
Can I receive my loan in stages?
Yes you can. In order to give our customers the best deal, we offer staged finance facilities where you draw on your loan when it suits you (subject to loan to value criteria). This way you only pay interest on the monies when you need them.
Where does Affirmative lend?
We provide loans secured on properties in England, Scotland and Wales, but you do not necessarily need to be living in England, Scotland and Wales to obtain a loan.