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John Charcol reports increase in second charge activity
John Charcol has experienced an increase in second charge activity by its clients.
The mortgage adviser has witnessed a 30% increase in total borrowing from January to September 2017.
John Charcol claimed that the news highlighted the fact that second charge mortgages were becoming more popular, particularly for people on interest-only mortgages and those who couldn’t obtain a further advance on their existing mortgage.
The mortgage adviser referred to a recent case in which it was approached by a couple who were looking to borrow £75,000 for home improvements, debt consolidation, school fees and a holiday.
The couple were on a life-time tracker, interest-only mortgage and had a drawdown facility.
John Charcol advised the client to try to use the drawdown facility, but they were rejected.
The mortgage adviser managed to secure them a good deal via Shawbrook at 5.4% as an equitable charge, which left the client feeling happy.
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