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.