Poll
79% of consumers unaware of second charge mortgages
The lender revealed that 79% were unaware of this form of finance, with 23% failing to understand the difference between seconds and a remortgage.
This news comes after the regulation and promotion of the Mortgage Credit Directive (MCD), which was expected to raise awareness of second charge mortgages.
Pete Ball, chief executive of personal finance at Together, said it was surprising that so many consumers were unaware of what a second charge mortgage is and how it works.
“Following the changes to the second charge industry as a result of the MCD, brokers are now required to put forward second charge as an alternative option to remortgaging, but there needs to be greater public awareness of what a second charge mortgage means.”
Together’s research came from a survey of 2,000 people and the lender felt that the results meant that homeowners were missing out on a potential source of finance.
“We’ve seen continuing demand for this kind of loan, particularly when it comes to funding home improvements, and this could potentially increase further in light of Brexit,” Pete added.
“In the research we recently carried out, we found that almost a fifth were less likely to move house as a result of the decision to leave the EU, although 35% were planning some home improvement in the coming year, and second charge mortgages are ideal [for] this purpose.”
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