Everybody seems to be talking about Second Charge Loans right now. Clients on competitive mortgage rates who want to raise capital, understandably don’t want to lose a low rate by remortgaging, a Second Charge could be the answer.
We also run a referral service so if you are not able to give advice yourself we can help with that too!
Lending
Why a Second Charge mortgage could be right for your client:
Your client’s current mortgage has Early Repayment Charges (ERC’s)
The current first charge mortgage is on a competitive rate which they wish to retain
Your client has minimal equity for a remortgage
Affordability could work out more on a secured loan versus a remortgage (interest only on the first charge)
Your client has a complex credit profile which would make a remortgage more expensive
The purpose of the loan may not be acceptable to first-charge lenders
Second Charge Fee Structure
2% Master Broker fee on completion
£199 Application Fee
£100 Disbursement Fee covers lender reference & Land Registry search
Valuation Fee - if applicable (some lenders use drive by or desktop valuations)
Proc Fee 100% paid to Broker
NB. loans redeemed within 12 months will be subject to a pro-rata clawback of procuration fee.
Bespoke pricing available on request.
