When a remortgage or a further advance isn’t suitable for your client’s needs – what ideal alternative springs to mind? Second Charge mortgages?

If they don’t – maybe it’s time for you to reconsider.

You already know under MCD rules, even if you don’t have Second Charge permissions, you have to as an absolute minimum – tell clients that the option exists and that it may be better for them.

As we approach the New Year, your clients may decide to consolidate their debts or pay an upcoming tax bill.

Second Charge mortgages can be used to finance a variety of circumstances and clients. Below are just a few examples:

Common situations:

  • Debt consolidation
  • Outstanding tax bills
  • Avoidance of paying an ERC on an existing mortgage
  • Avoiding forfeiting low interest rates on existing mortgage
  • Home improvements
  • Second property deposits

Typical clients:

  • Both prime and individuals with adverse credit history
  • Self-employed
  • ‘Stuck’ in their first charge
  • Buy-to-Let mortgage prisoners

Here’s an article on how to overcome the 6 major challenges when placing Second Charge mortgages.

With rates from 3.65%, LTV up to 95% and lending criteria up to £2m – Second Charges can be used for a wide variety of reasons, and clients.

So why not contact us now?

For more information, drop us a line to discuss your clients’ needs or give us a call on 020 8731 5333.