Recently the Bank of England highlighted that unsecured debts, including spending on credit cards, is rising at its fastest pace in 11 years, and compounded by the increase in spending over the Christmas period, many households are feeling the squeeze this January.

A poll conducted by The Times highlighted that 38% feel their household finances will worsen in the coming months and further research from the Money Advice Trust found that 11% expect to fall behind on their finances in 2017. While not everyone will be in deep water, taking a stock check of their household debts can be an incredibly valuable activity for all of your clients as they ready themselves for 2017.

The start of a new year brings with it new motivation to make positive changes. Many of your clients will be enrolling on a new fitness regime, starting a new healthy eating plan or embarking on the first step towards a new career. Now is the perfect time to offer help with a fresh approach to managing their finances.

With second mortgage options at your disposal you have a very effective tool to address debt consolidation alongside the remortgage and Further Advance products you already use.

Whether your clients want to decrease their monthly outgoings to ease budget pressures, to start paying down the credit card debt they have been servicing for years or want to reduce the interest rates on their existing debt, Loan.co.uk can help you help them.

When is a Second Mortgage better for your clients?

  1. A re-mortgage isn’t an option,
  2. A remortgage isn’t good advice

Here are a few scenarios where a second mortgage can be better advice:

  • Your client is out on affordability for a remortgage
  • ERC’s would be incurred if you move your client to another first mortgage lender
  • Your clients rate on their existing mortgage is very competitive and would have to be sacrificed moving the cost of old and new borrowings to a higher rate.
  • ANY time you feel that the remortgage options you have available are limited for your client

Your clients can use a second mortgage to consolidate their finances and re-organise existing debt using rates from as low as 3.88%. Many outgoing payments can be reduced to one single, affordable monthly payment that is tailored to fit their needs.

Find out more….

If you have any queries, please contact us at introducers@loan.co.uk or call us today on 0345 450 4678.