Second charge mortgages

Second Charge Mortgages

Second charge mortgages to fund a wide range of projects

Customers can take out a second mortgage to help them fund a range of projects, such as home improvements, debt consolidation, investment or any legal purpose. Having access to a large panel of lenders which offer a wide range of products means we can help existing homeowners with enough equity in their property to take out second charge finance.

A second charge mortgage could be the ideal solution for customers who:

Can people take out a second mortgage to consolidate debt and carry out home improvements if they’re self-employed?

We can help people do just that. One customer was able to:

Use his most recent SA302 as proof of income

Secure a two-year fixed-rate second charge mortgage with no early repayment charges

Consolidate £35,000 of debt with various lenders

Carry out home improvements

Halve his monthly financial commitment

Customer story

This customer approached us as he wanted to consolidate his outstanding debt and raise additional funds to carry out home improvements. His existing repayments for his £35,000 worth of debt with various lenders added up to more than £1,000 every month.

As he was self-employed though, he had been previously declined by a lender for the £67,800 required to settle his debts and carry out the works to his home. This is because the lender wanted to base the application on the customer’s previous two years’ accounts.

However, his income was increasing, and he hoped to find a lender which would use his most recent SA302 as proof if income, rather than an average of the past two years.

We secured a two-year fixed-rate second charge mortgage for the full amount required with Masthaven. After consolidating his outstanding debt, the customer’s monthly commitment nearly halved.

6 Great Reasons to Choose Clever Lending

Various proofs of income
We’ll review each case and can accept various forms of proof of income, including SA103s, pensions and benefits

Flexible underwriting
Having access to hundreds of lenders means we can accept applications from people with adverse credit

Products to suit all needs
Loans up to £500,000 with terms up to 30 years and LTVs up to 95%. Various fixed-rate options available

All types of applicant
We can provide second charge mortgages for people event if they have minimal equity in existing properties

Choice of who deals with customers
We’ll work with you to provide your second charge mortgages, or we can deal with your customers on your behalf

Submit and manage online
Carry out all your Clever Lending activity via our online broker portal, Clever+

Why use a specialist distributer?

Gone are the days of a ‘computer says no’ process when it comes to lending. You will have customers in a wide range of circumstances who need finance and the best solution may not be immediately obvious.

That’s where we step in. We can help by:

  • Reviewing cases thoroughly and sourcing the most appropriate lender and product for each customer – giving you more time to deal with the more straightforward applications
  • Turning your applications around quicker. From completing the fact-find, to collating documents, we can free up your time so you can concentrate on helping more customers
  • Providing recommendations to your customers and being responsible for any advice we give
  • Improving your customer relationships by ensuring they receive appropriate advice in specialist areas from product experts. This will ensure we offer solutions that best meet their needs
  • Giving you access to products from a large panel of lenders – some of which you may not be able to access elsewhere

About Clever Lending

We will do everything we can to ensure your cases complete and provide your customers with the most suitable products for their individual circumstances. We provide:

  • Expert product knowledge on the latest products with some of the lowest rates on the market
  • A flexible service working either with you on a case or dealing with customers directly – whichever you prefer
  • Competitive commission rates
  • A fully compliant service with clear audit trails helping you with any regulatory obligations

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