Picture this scenario: A married couple are both currently employed. One applicant decides to start a new business so they jointly apply for a remortgage to raise the finance required. Even though the case is affordable based on one PAYE income many first charge lenders will not accept this application due to the second applicant becoming self-employed to run the business.
Second charge lenders are different. Virtually all of them allow business start-ups as a loan purpose. Affordability can come from one applicant allowing the other to go self employed and develop a new business.
This is one of the many ways the second charge market can help borrowers whose objectives are not being met by a remortgage. Talk to an Adviser on 01902 585020 today to find out more.