A Second Charge Mortgage also known as a secured mortgage loan is being recognised as a viable option.
This week the latest figures were released from the Finance and Leasing Association for the Second Charge Market which has increased by 14% between October and November 2019. Data collected shows that lenders agreed a total of 2,594 mortgages in November totalling £116m of new business. November marks the 15th consecutive month of growth within the market. This could present an opportunity for mortgage brokers. The growth within the market is due to the recognition of secured mortgage loan being a viable solution and brokers being educated about their uses.
Are you turning business away?
Have you been struggling to place your clients when a re-mortgage is not feasible? A Second Charge Mortgage could be the most appropriate solution and could be the first choice in some cases when trying to do a re-mortgage.
The reasons why a re-mortgage may not be feasible:
- Does your client have ERCs?
- Protect your clients First Charge mortgage rate.
- A quick turnaround needed.
From past cases we have seen situations where a Second Charge will be a better option for your client than a re-mortgage. This depends on the cases complexities and a Secured loan can be turned around faster than a re-mortgage especially when no valuation or consent is required. The industry now recognises this as a viable option.
How can a secured loan mortgage help my clients?
A Second Charge can be used for any legal purpose including the following:
- Tax Bills.
- Home Improvements.
- Debt Consolidation.
A Secured loan is flexible, and our range of products consider all walks of life from zero hours contracts, those with historical CCJ’s and defaults and the Self-Employed. A Second Charge Mortgage can benefit your clients by protecting the clients first charge rate which is lower than if they re-mortgaged. The flexibility a secured loan offers is they can be used for any legal purpose including tax bills which are often due to unforeseen circumstances.
Can you afford to miss the opportunity?
At Smart Money we have access to 17 lenders and rates starting from 3.47%. By sending your enquiry across to us we will be able to indicate if your case has the chance of completing, saving you precious time and not missing any potential opportunities.
Did you know 78% of application we agree complete? Now is your time to recognise the importance of Second Charge Mortgages and give us a call on 01829 730 554 to discuss your case.