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Poll

Do you expect to see less or more second charge mortgage lenders in 2018?



Embracing second charge mortgages


Darren Perry

Throughout this year I have found myself talking with more and more mortgage advisers who are embracing the benefits of offering their clients second charge mortgage products and hearing the same responses.

“Wow! I can’t believe how competitive the rates are on second charge mortgage products.” And also: “This actually makes better sense than remortgaging my client at the moment.”

This is the very reason why I believe it is so important to make sure that consumers are made aware of the additional options available to them outside of a remortgage. It does still remain the case that for many clients a remortgage may well be the most suitable recommendation. However, there are still many that would be better served by an alternative solution and this is where second charge mortgages provide the solution required.

Having advised on first and second charge mortgages and packaged both for many years, I am fully aware of the differences between lenders’ criteria, the underwriting process and the areas where clients will qualify for a second charge when a first charge mortgage is not possible. 

Packaging a second charge mortgage application is considered by many to be an area they would rather just stay away from. 

For most brokers, this is certainly a sentiment that I would agree with. 

But by considering second charge mortgages as a viable option when addressing their clients’ needs they not only offer “best advice”, but also “best service”. 

The easiest way for any broker to gain access to second charge products – along with the knowledge and experience required to operate within this area of the market – is to align themselves with a specialist broker such as Brightstar. 

I believe this is of paramount importance, not just for the consumer to ensure the right client outcome, but for advisers, too. If clients are not offered this alternative option, then there is every chance that they will find somebody that can.





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