If you have a client who already has a property but is interested in accessing the equity with in it, they may be considering re-mortgaging or a second charge mortgage. There are pros to both and because clients’ needs and circumstances vary, carrying out an exercise to compare a capital raising re-mortgage with a second charge mortgage and a further advance, will enable your client to make the best short- and long-term decision.
For Existing Property Owners
Only existing property owners are eligible for second charge mortgages and their reasons may vary widely, being self employed, complex income streams, redemption penalties from the 1st charge mortgage company from wanting to raise capital for personal or business reasons, such as for education fees, wedding costs, debt consolidation, home improvements or to pay tax bills (any legal purpose). Landlords may also wish to raise business capital against existing buy to let properties to upgrade or expand their property portfolios.
Flexible Lender Benefits
If your client is already on a good fixed-rate deal, a second charge mortgage is likely to be the better option, as opposed to re-mortgaging or a further advance. The lenders in our exclusive network are flexible and understand extraordinary client circumstances, what’s more, unlike re-mortgaging, second charge mortgages are not capped at £35,000 and completion is usually achieved faster.
Speed & Efficiency
Established over many years, our assessment process has been refined so that we can quickly and efficiently assess your client’s needs and match them with suitable opportunities through our network of lenders. We can liaise directly with your client which means the onus of responsibility from a compliance perspective sits with us. We will update you throughout the process of each application.
