A second charge mortgage could be used to pay off your client’s tax bills.
A typical scenario is the client may have set money aside to pay the tax bill on time, however an unforeseen circumstance has occurred. The need for a fast turnaround is often needed to meet the deadline and avoid a hefty fine. A second charge mortgage could be more cost effective than a re-mortgage due to early repayment charges on the existing mortgage. However, for tax purposes a re-mortgage is not generally feasible. A second charge mortgage can be completed much quicker than a first charge mortgage within as little as 7 days from the pack being received.
We could work with your client to ensure the right outcome is achieved whilst providing you with updates, allowing you to focus on your core business. Or you can be more involved and provide the advice yourself leaving just the packaging to us.