Throughout this year I have found myself talking with more & more mortgage advisers who are embracing the benefits of offering their clients 2nd charge mortgage products and hearing the same response:
“Wow! I can’t believe how competitive the rates are on 2nd charge mortgage products.” & “This actually makes better sense than re-mortgaging my client at the moment.”
This is the very reason why I believe it is so important to make sure that consumers are made aware of the additional options available to them outside of a re-mortgage. It does still remain the case that for many clients a re-mortgage may well be the most suitable recommendation. However, there are still many that would be better served by an alternative solution and this is where 2nd charge mortgages provide the solution required.
Having advised on 1st & 2nd charge mortgages and packaged both for many years, I am fully aware of the differences between lenders criteria, the underwriting process & the areas where clients will qualify for a 2nd charge, when a 1st charge mortgage is not possible. Therefore! Packaging a 2nd charge mortgage application is considered by many to be an area they would just rather stay away from.
For most brokers, this is certainly a sentiment that I would agree with. By considering 2nd charge mortgages as a viable option when addressing their clients’ needs they not only offer “Best Advice” but also “Best Service”.
The easiest way for any broker to gain access to 2nd charge products along with the knowledge and experience required operate within this area of the market is to align themselves with a specialist broker such as Brightstar.
I believe this is of paramount importance not just for the consumer to ensure the right client outcome but for advisers too. If clients are not offered this alternative option, then there is every chance that they will find somebody that can.