Wouldn’t you?

If I told you you could increase your income by doing something almost identical to what you’re doing now, that wouldn’t increase your hours and wouldn’t mean missing out on the type of work you currently do but, rather, would complement it. What would you say? My guess is unless you willingly want to sabotage your own business you’d say yes. Well, why wouldn’t you? There are no downsides to it, only benefits.

Yet if I told you this additional work was second charge loans bizarrely I think there would be some brokers who might become somewhat reticent. But why?

All the figures are telling us mortgage brokers have yet to embrace second charges as fully as they could. The market is growing but given the potential that exists if mortgage brokers add seconds to their offering it’s clear we’re nowhere near at that point. And I must admit I’m finding it puzzling.

Clients who are seeking remortgages could well be better off with a second mortgage. And vice versa. It only makes sense to offer the two.

Key Criteria & Application Guidance

One of the most common arguments I hear from brokers who don’t offer seconds is “It’s very rare that I have a case that warrants a second.” Well, fair enough but if you’re able to offer them then when those once in a blue moon cases come around you’re ready and waiting. Plus, as the old adage goes, you’ll never find it if you’re not looking. Opportunities are all around us, from the self-employed client who is struggling with mainstream lenders to the contract worker who can no longer meet high street criteria. Once you engage with seconds fully you’ll notice them more. And once word gets out you offer them clients will know where to come.

If you’re avoiding them because you don’t feel like you understand them enough, put that right. There are plenty of opportunities to educate yourself on seconds from events up and down the country to simply calling up a specialist credit brokers contact and asking your questions.

Unless your biggest problem right now is having so much cash your wallet won’t shut properly, It doesn’t make sense to opt out of something that brings money to your door, particularly not when opting in can improve your business offering and benefit your clients.

What are you waiting for?

www.promisemoney.co.uk

Latest Articles

Intermediary Guidance for Second Charge Broker Strategy

Structuring competitive terms on second charge broker strategy 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 Specialist Lending 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.