What to do with a rejected remortgage application?

In some cases borrowers who have been rejected for a remortgage may benefit from “niche underwriting criteria” available from 2nd mortgage lenders. Some examples follow.

Second Charges secured on residential property

  • LTI caps – most lenders start at 6x income and may go higher if affordable.
  • Deductions on payslips ignored
  • Recent job changes & contract workers
  • Income for self-employed applicants – adding back in retained profit.
  • Arrears 12 months ago – rates from 3.73%
  • Recent CCJ’s/Default’s now satisfied from 3.90%
  • Loans to clear IVA’s, DM Plans and Bankruptcies

Second Charges secured on BTL’s

  • Ex Pats/ Non UK Tax payers accepted
  • Projected rental income plus additional earned income taken into consideration
  • Actual rent accepted rather than the market rental value
  • Up to 115% debt coverage with no stress test
  • Interest only available to those aged 80 at the start of the loan.

Turn your remortgage decline in to a 2nd mortgage payout. Talk to an Adviser on 01902 585020 to find out how second mortgages can help you and your clients.