We are currently taking enquiries from brokers and placing cases for the following:
Customers on lifetime trackers or other products with very low rates, not deals that need disturbing!
A second charge can help by raising the additional funds required, perhaps even with a different term to the main. The main mortgage remains untouched on its very competitive rate. If or when that mortgage comes up for a review, you can consider consolidating the second charge.
Customers that have accumulated adverse credit since last reviewing or taking out their main mortgage.
Second Charges are more flexible around adverse credit, with some lenders ignoring items once they 12 months old. A customer could secure the lending needed now, carry out their plans and once the adverse credit is older, you can put them back to a remortgage to clear the secured loan. A temporary solution to a current need.
Customers wanting to debt consolidate.
Second Charge lenders offer more when it comes to consolidating debts, with less restrictions on maximum LTV, loan amounts and loan or debt to income ratios, also no requirement to treat some of the debt as continuing within affordability calculations, when its being consolidated.
Customers that need that bit more on affordability calculations.
We have lenders that will consider up to 6 times income or income and expenditure based affordability lending, if there is proven and sufficient surplus to afford the secured loan it could be approved.
Customers that have bonuses, commission and overtime
We have second charge lenders that will take 100% of bonuses, commission and overtime.
Self employed customers with 1 years accounts
Your customer may have recently started a new business or changed from employed to self-employed. We have lenders that will consider this, as long as there is at least 1 years accounts. Whilst some first charge lenders will also consider this, the LTVs and terms can often be restrictive.
Customers need a higher LTV.
A customers lending requirements may take them above a traditional 90% LTV for a remortgage, second charges can go to 100% with some offering 140% with a smaller loan size.
Where a first charge lender will not lend due to the loan purpose
Second charge lenders will lend for any legal purpose, this includes tax bills and repaying business loans.
See more criteria here
Whatever the query, just get in touch and we’ll discuss all available solutions for each of your customers based on their circumstances.
Call on 0800 316 2224