4 ways second charges offer solutions – Affordability

When a mortgage is declined due to failing affordability checks, there are a number of ways second charges can offer a solution:

  1. 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.
  2. 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.
  3. 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.
  4. 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.