September 2020

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Bank Account Switching

Many companies end up sticking with the same bank because it seems like a lot of hassle to switch accounts and move everything with you.

That’s what banks want you to think.

For any bank account provider, customer apathy is a profit driver, and you can’t argue with their results.

Switch with Green Jellyfish and save both the hassle and money.

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  Set up a complimentary face-to-face meeting or phone call to discuss your business, what you need and where you are right now.

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  Give us three months’ worth of bank statements so we can examine the charges debited by your current provider.

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  We’ll find a selection of alternative accounts that will suit you better, offering a reduction in the charges you pay and other benefits.

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  You choose the alternative you like best, and we take care of the switch for you.

Switch bank accounts with Green Jellyfish

We like doing things face-to-face so that you can get the full benefit of our bespoke service. Our expert consultants will arrange to come to you, or you can chat over the phone if it suits you better.

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What is Peer to Peer Lending?

Peer to Peer Lending is a form of lending whereby a person or company can get funding without involving third parties such as banks. It is an exchange between two companies/people rather than a bank/building society.

What is the process as a borrower?

The process firstly requires you to sign up for a P2P Site, with the platform in question carrying out a series of credit checks to ensure you can be trusted to pay the money back. Once you are considered eligible, you will be given loan offers based on the amount the ‘Peer’ you are dealing with feels is a safe amount of money to lend you.

Some companies may be willing to take bigger risks than others, meaning that if your credit score isn’t up to scratch with trusted standards, the lender can raise the interest rate for the loan you are offered – this can be up to 30%.

On the other hand, if your credit score is considered good, your interest rates can be lowered significantly; (as low as 3%) meaning that the loan would be a better deal than what a bank/building society could offer you.

Why is it worth my while as a borrower?

• If your credit score is good, you could be in for a better deal than if you went to a bank/building society
• A quick, easy and free sign up process
• Lenders willing to take risks can offer those with poor credit a better loan amount
• The loan has an option to be ‘Unsecure’ meaning that you will not have to provide any property in case you cannot pay back the loan in time
• Any initial quotes will not affect your credit rating
• Can be an easier way for companies with poor credit to borrow (If the lender is willing to take a ‘risk’).

What is the process as a lender?

Peer to Peer Lending is a good way to improve your cashflow. If you have excess funds, you can sign up to a Peer to Peer Lending site in order to find businesses/people who are looking for a loan.

Why is it worth my while as a lender?

• Improves your company’s cashflow
• Some sites will cover any losses that could occur should a client not be able to pay the money back
• The passive income you can make as well as the experience a P2P Lending site has in dealing with the subject means that the process has an appealing risk/reward ratio
• P2P Lending sites are very transparent and offer excellent advice as to whether the investment is a good idea for your company or not
• You can pull out your funds at any time, providing that another investor is willing to take over the loan

Get In Touch: https://www.greenjellyfish.co.uk/contact/

What is a bridging loan?

A bridging loan provides the ideal solution for those looking to borrow money for a short period of time. It can help you bridge the gap (hence the name ) between buying a new house and selling your old one. Bridging is often used by people who urgently need money to buy a property at auction before having sold their own property.

How do bridging loans work?

There are both ‘open’ and ‘closed’ bridging loans.

Closed bridging loans – With closed loans, the repayment date will be a fixed date. If you have exchanged contracts but are waiting for your property sale to go through, you can use this type of loan.

Open bridging loans – There is no fixed repayment date with an open loan, however, you will usually have to repay it within one year.

Regardless of which loan you go ahead with, the lender will always want to see clear evidence of a repayment strategy – e.g. taking out a mortgage. Additionally, they will want to see proof of the new property that you have plans to purchase. You will also need to provide evidence of how you are planning on selling your current property if applicable. It’s always good to have a back-up plan just in case your repayment strategy falls through.

What are first-charge and second-charge bridging loans?

A ‘charge’ will be put on your property when you take out a bridging loan. This is a legal agreement which prioritises the lenders who will be repaid first if you miss a payment. Usually, if you still have a mortgage on your property, the loan you are allocated is a second charge loan. This means that if a repayment failed, and your property was sold to pay off your debts, your mortgage would be the first thing to be paid off. If you have already fully paid for your property or have taken out a bridging loan to pay back your mortgage, you would be able to take out a first charge bridging loan. This would mean that the bridging loan would be paid back first if you got behind with payments.

How much will a bridging loan cost?

People tend to take out bridging loans for a short period of time, so they are priced monthly instead of annually for this reason. One of the disadvantages of a bridging loan is that they are considerably more expensive than normal residential mortgages – typically fees range between 0.5% and 1.5% per month. A comparable APR on a bridging loan is between 6.1% and 19.6%. You also should keep in mind that there will also be set-up fees to take into consideration.

How much can I borrow with a bridging loan?

Depending on the loan provider, the amount lent could be between £25,000 and over 25 million pounds. Usually, you can only borrow a maximum of 75% of the value of your property. With a first-charge loan, you can usually borrow more than a second-charge loan.

What are the alternatives to a bridging loan?

If you are intending to move, but aren’t able to sell, you could think about getting a buy-to-let mortgage on your property. This is done by remortgaging your current property to get a buy-to-let mortgage and use the equity from that to purchase your new property.

If you would like to talk to someone about whether or not a bridging loan is right for you then do not hesitate to call us on 033 000 20010 or complete an enquiry form here: https://www.greenjellyfish.co.uk/contact/

We’ve put together a comprehensive range of business finance services to meet the challenges that companies may face.

You will have the benefit of our expertise for free as we search out the right finance solutions for your project.

Our range of business finance services include:

If you need to invest in assets to help support your current operation or to empower you to grow, we can help. Use our Asset Finance experts to gain access to the best finance deals out there and enjoy exclusive rates. From plant machinery to tech hardware, we’re here to assist with any asset purchases.

There’s a myriad of reasons you may require bridging finance, such as purchasing property, equity release, tax bill payments or commercial property development. Our experts can get most short-term bridging loans in place in just a few days, enabling you to move ahead with your plans quickly.

It’s essential to seek advice before you go ahead with a business loan application. We specialise in helping ambitious companies secure funding to help them develop and grow. Thanks to our connections with a wide range of providers, we can find you the most suitable loan for your bespoke requirements.

Whether you are a business owner or an investor, you can rely on our specialist advice, receive tailored support and gain access to exclusive deals from our lenders for free. In the past, we’ve helped clients secure commercial property lending for businesses including care homes, professional practices, leisure premises, offices, factories, farms and many other enterprises.

If you are facing cash flow challenges and want to borrow against outstanding invoices, we can help you. You can choose whether the lender operates a credit control service for you and contacts customers directly, or whether you wish to keep their involvement confidential. We have expertise in working with payroll finance and trade finance too, so you have the freedom to run your business without waiting for customers to pay.

Having our property lending specialists on board is invaluable. Typically, we can help clients access up to 75% (or higher with additional security) of the purchase price and up to 100% of the development costs. Our experts will ensure lenders understand your exacting requirements and will identify the competitive deals that will help make your ambitions a reality.

I’m interested in business finance

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Are you looking for a new mortgage or do you want to re-mortgage a property?

Together, we’ll make sure that you find the best possible deal from a wide range of lenders.

Benefits of using our mortgage services

I’d like to book a free, no-obligation mortgage meeting

Let’s talk

Getting a mortgage can be complicated and disheartening if you don’t have the right support.

By going through the Green Jellyfish Mortgage Service, you’ll have expert assistance throughout the process.

The Mortgage Advice Bureau know how to make sure you can find a great, affordable deal from one of their range of high-quality lenders.

We’ll ensure that you don’t waste time applying for mortgages that you have no chance of securing.

Instead, you’ll be offered a variety of suitable mortgages to apply for, safe in the knowledge you stand an excellent chance of being successful.

Help me find the right mortgage for me

Let’s get started now

Switching Energy Supplier can be daunting, however, it shouldn’t be a difficult process. It’s surprisingly quick and easy, and here are some questions to point you in the right direction.

Is it always worth switching energy suppliers?

If you stay with the same supplier, it is highly unlikely you’re getting a good deal. However, by switching provider every 12 months, you can ensure you’re getting the best prices. Going through the process of switching year-on-year can be a hassle unless you work with a third-party like ourselves who can manage the process for you.

We take note of your renewal dates and send you some quotes to review and you simply approve the one you would like to go ahead with. Meaning we do all the legwork for you.

According to Ofgem, the energy regulator, nearly 60% of businesses fall back on our suppliers’ standard tariffs rather than switching. That means you could end up paying much more than you need to.

What is the Energy Switch Guarantee?

It is the energy companies’ commitment to ensure that the switching process is easy. Because of this, it means that changing provider is free, plus it will not interrupt your service, and it is down to us to tell your old one that you are leaving. This is all to reduce the job that you will have to do yourselves.

Do I have to tell my old energy supplier that I’m switching?

No. We’ll let your new supplier know and they’ll get in touch with your old supplier to arrange the switch. By sending us a recent bill, we can work out the date your contract ends, even if it is far in the future and schedule the switch accordingly.

What do I need to know if I want to switch energy suppliers?

All you need to be able to switch energy suppliers is a recent bill containing how much you currently pay for your gas and electricity, and to let us know who your current supplier is. You’ll also need basic details like your address and postcode.

Which suppliers do we compare?

At Green Jellyfish, we compare dozens of suppliers to try and find a cheaper deal on your business energy. These include all of the Big Six, British Gas, EDF Energy, E.ON, npower, Scottish Power and SSE, as well as plenty of small and medium suppliers who are offering competitive rates to lure customers away from the big names.

How easy is switching energy supplier?

At Green Jellyfish, we make it incredibly easy to switch energy suppliers. The process doesn’t entail a lot and only requires 2 things from you.

Below we have given an insight as to how simple it really is.

Step 1. Find an old bill: For us to search for the most accurate quote, you’ll need to provide us with information about the current tariff you’re on and the levels of energy you use.

Step 2.  Sign a Letter of Authority: This gives us legal permission to start searching for potential quotes.

Step 3.  Get a quote: Once we have these documents, we will send you over some quotes comparing different suppliers, tariffs and contract lengths to see what deal is most suited to your business – at this point, you can also see how much you’re saving per year!

Step 4.  Start switching: After choosing a new tariff and beginning your switch application, you should wait to hear instructions from the energy supplier, which could take up to 14 days.

Step 5.  Pay the final bill: You’ll get one last bill from your old energy supplier. If you are in credit, then ensure that you get a refund with your old provider.

Get in contact if you are curious about how much money you could save on your Energy Bills: https://www.greenjellyfish.co.uk/contact/

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  Paying for services that go unused.

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  Making do with slow or inadequate internet speeds.

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  Sticking with your provider because it takes less time than searching for a new deal.

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  Missing out on savings by sticking with traditional solutions.

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  Spending too much on a service that doesn’t meet their needs.

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  Getting locked into lengthy deals which trap you for longer than you’d like.

Many businesses don’t pay attention to their water premiums because they mistakenly think there is only one provider in town for them.

But that’s just for domestic water bills, not the business variety. At Green Jellyfish, we’re experts in the water business – we are marine life-enthusiasts, after all!

We’re ready to bust the myth that you are stuck with the provider you already have.

• You can swap to a cheaper provider if you are a business customer.

• By checking your tariff and usage, you can find a better deal.

• All we need to get you set up is a copy of your water bill and a chat about your requirements.

Help me get crystal clear on my water provider options

Let’s talk water

Green Jellyfish is not your usual cost-cutting experience.

This personal approach allows us to ensure we understand precisely the level of cover you need, the price you are currently paying and who your provider is. From there, we do all the hard work, while you focus on what really matters for your business.

Remember, if you are overpaying on your water bill or any other essential business cost, that’s money that isn’t going into other areas of your business.

Every year, we’ll check again for you without any prompting. You can rely on our continuous support and we guarantee you’ll never pay us a penny for this bespoke, proactive service.

Explore how much you could save

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Privacy & Cookies Policy

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  By letting the contract roll on, you’ll likely be losing out – and your provider will be winning.

• 2

  If you haven’t done a thorough audit of your usage, you may be on the wrong tariff.

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  If you go it alone, you won’t have access to the exclusive rates we get by working closely with providers.