Sometimes a second is easier

Just for a change, rather than tell you about the niche products we offer, here are some more straight forward examples of large recent second charge cases.

Understanding Market Rates & Repayment Terms

If you get something similar or see a facility which could suit your client, please give me a call.

Lending Considerations & Next Steps

• Interest only loan – but it reverts to capital and repayment after 5 years.
  Mrs had gone self employed and wanted to reduce the outgoings in the short term but repay the entire loan over the term.
  This was perfect and very competitively priced
• Large debt consolidation loan – it failed affordability for a first mortgage.
  Our lenders disregard all consolidated credit from the affordability calculation and have an appetite for up to 100% debt consolidation.
  This is a common issue which we can often accommodate with a second charge allowing you to remortgage in a year or so.
• A remortgage would force borrowers to lose their interest only product and could even force them to downsize.
  A second charge raised the cash they wanted and kept their outgoings low.
  Our clients could stay in their home until they were ready to downsize in a few years time and pay off the interest only mortgage then.
• Borrowers still in probation – remortgage options limited
  We have a number of lenders which consider probation at rates from 3.65%
  Also special considerations for contractors and rolling contracts.
• New self employed business and we needed to use dividend income from previous businesses to demonstrate affordability.
  Clients wanted to raise £100K deposit for a BTL but there was a complex mixture of employed and self employed income plus a recent change of business status.
  The broker couldn’t find a first charge lender willing and able to consider the complexity although the proposition made perfect sense.

Key Criteria & Application Guidance

Please call us first with your next second charge enquiry.

It can be really niche or mildly complex like the ones above.

Or I’ll happily accept an easy case just because it makes financial sense for your client.

www.promisemoney.co.uk

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Intermediary Guidance for Second Charge Advantages

Structuring competitive terms on second charge advantages for your clients requires direct access to specialist underwriters. In addition, our intermediary lending desk works directly with over 90 specialist lenders across the UK.

Consequently, partnering with Promise Money ensures whole-of-market broker access, transparent procuration fees, and rapid decisions in principle for your client cases.

Specialist Underwriting & Whole-of-Market Access

Because specialist lending facilities require bespoke underwriting, comparing lenders across the UK is essential. Explore our complete guide to Secured Loans Desk to understand how different lending criteria apply to your requirements.

Promise Money is an independent credit broker authorised and regulated by the Financial Conduct Authority (FRN 681423). Our experienced team reviews your specific circumstances to secure optimal terms across 90+ UK lenders.