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Do you expect to see less or more second charge mortgage lenders in 2018?

Education is high on the agenda, but only beneficial if listened to

Graeme Wade

It has always been apparent that more education is required about the specialist finance industry and the products on offer, especially within the mortgage networks and particularly around the adverse and credit repair sector (but that’s not for now).

While on a course last week – albeit a golf course – I got talking to someone about cars and how he and his wife both needed new ones to replace their current fleet of ageing family cars, but didn’t have the cash in the bank to purchase outright. They were looking at either leasing or PCP contract, but would struggle to have two of these running side by side. There is value in potentially trading in one of their cars, but not the other.

I asked the obvious question about their mortgage and level of equity in their property, and whether they had thought about releasing funds from there.   

They had a great rate with their bank, so didn’t want to touch that with a remortgage, but unfortunately, they had been refused a further advance from them. Bizarrely, they had been offered an unsecured loan for £25,000 at a much higher rate.

They have good incomes, squeaky clean credit profiles and plenty of equity in their property.  

“Have you tried looking at a second mortgage from another provider?” I asked. This led to his confession that he didn’t know too much about them, but what he did know was that they were for clients with bad credit and could jeopardise his chances of getting a remortgage in the future. 

While not surprised by his answer, I was taken aback when he told me that he had gone to his mortgage adviser – who is part of a large, well-known mortgage network – and was told that as they had been refused a further advance, and the adviser couldn’t advise that a remortgage was in their best interest, he couldn’t help.

After I found my ball in the woodland area of the golf course – which sums up my game – we continued our conversation and I went on to explain the diverse lenders that are currently operating in the second mortgage sector and was sure that there was someone who could help them, rather than them trying to source the solution themselves.  

Graeme’s final thought

Now, I am not a mortgage adviser. I hold the upmost respect for all financial advisers as the knowledge they need to have at their fingertips day in, day out is immense and I have nothing but admiration for them. What I would say, though, is that by working with the specialist brokers and packagers, you have access to a wealth of knowledge, experience and underwriting processes from some of the best in the industry. Listen to their development managers and try their services. It’s not just about the bottom line and who pays you the most commission, it’s about the end result for the client. The client’s pathway is the most important and valuable factor in this decision. They need guidance and advice through this ultimately foreign experience and adventure they are embarking on.

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