When a mortgage is declined due to failing affordability checks, there are a number of ways second charges can offer a solution:
- Second charge income and affordability assessments support larger advances for firsts and seconds as some lenders ignore income multiples and do not have loan to income caps.
- Some lenders tend to be more relaxed towards applicants still in the probation period of their new job, especially if it is within the same sector.
- If the borrower is a contract worker, even with some CCJ’s and default’s lenders may still accept them if they have worked in the sector for a long period of time.
- Though criteria for self-employed applicants has tightened recently, there are lenders who will work on an accountants projection from the first six months.
Second charge loans can be a great solution to many mortgage problems.
Talk to one of our team today on 01902 585020 to find out more.