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

Master broker smashes loan record with Together

The firm placed a £1m second charge mortgage with Together to help a client looking to purchase a property.

Simply Loans used a cross-charge against both the client’s existing residential home and a property that he owns with his ex-wife.

The deal was completed in five weeks and the client will use a significant annual bonus to partially pay off the secured loan.

Rachael Peach, loans adviser at Simply Loans, said: “We have not seen a sensitivity towards fees that might have been expected in 2016 and we don’t see that changing in 2017.

“What’s also encouraging is that lenders like Together are willing to go off-plan to agree larger applications and not necessarily underwriting these applications any more stringently than a smaller loan.”

The record deal follows Simply Finance Group’s acquisition by mortgage brokerage John Charcol in January 2016.

“The overall increase in large loan business for Simply Loans is mainly down to the London-centric nature of the Charcol account, as this has increased our average loan size and volume of business,” Rachael added.

“Outside of London we’re seeing clients consolidating debts, however, London clients are mainly using the funds for either property development, deposits for buy-to-lets or to help children to purchase their own properties as the bank of mum and dad.”

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