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The Loans Engine completes £750,000 second charge loan
Specialist broker The Loans Engine has completed a £750,000 second charge mortgage.
The 3.88% loan was secured against a multi-million-pound property for a client looking to take part in an investment opportunity and carry out home improvements.
Hertfordshire-based brokerage Property Finance Ltd had introduced the client to The Loans Engine when their existing lender would not agree to a further advance.
Property Finance had also recommended that the borrower did not disturb their first mortgage, which was a lifetime tracker.
“This deal was never going to work as a remortgage,” explained Adrian Hills, managing director of Property Finance Ltd.
“I had secured an extremely attractive lifetime tracker deal for my client when I helped him to purchase his home a number of years ago and it made no sense to disturb this, plus the existing lender’s ‘computer said no’ to a further advance.”
This latest deal marks The Loans Engine’s largest since introducing a £295 fee proposition in July last year.
The model was introduced in order to attract more first charge mortgage advisers who may previously have felt disenfranchised with the seconds market.
Ryan McGrath, chief executive of The Loans Engine, added: “The second charge market is undergoing radical change [with] rates [that] start from as low as 3.83%, with fees of only £295 [and] flexible criteria and underwriting.
“In that sense, the sector is in great shape to meet the needs of customers.”
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