Second Charge Mortgage Market Remains Resilient

Friday, June 26th, 2020

It is certainly true that all aspects of the property and mortgage market have been affected in some way by the lockdown and trading restrictions associated with the Coronavirus pandemic.

Restricted Product Offerings

As a consequence of COVID 19, some lenders have restricted their product offerings and even temporarily withdrawn from various finance and mortgage markets whilst others have pledged their ongoing support by continuing to offer products to customers who are looking to raise capital by way of a second charge.

Which Mortgage Product is Right for Me?

With the many additional caveats and criteria that now apply to all mortgage products, it has also become increasingly difficult for consumers to decide whether a second charge mortgage would be the most appropriate solution when compared to, say, remortgaging or a further advance.

As there are however many instances where raising capital in this way would be preferable, it is sensible to seek advice from a professional mortgage broker with extensive expertise in that arena too.

Always Seek Expert Guidance

Here at Caboodle Finance, our team also has access to products, interest rates, and loan facilities that are not readily available on the high street. Consequently, they are able to give expert guidance to clients who are looking to raise capital in this way, always taking care to evaluate each alternative in the light of an individual’s circumstances to ensure that any funds raised will be both cost-effective and affordable.

Our Mortgage Specialists Are Here to Help

With that in mind, if you would like to know more about any of this, please call Caboodle Finance of Sutton Coldfield, Birmingham on 0121 308 9114 to speak with one of our friendly mortgage experts in complete confidence, or alternatively, just access our online form HERE and one of our specialists will be in touch.

We very much look forward to hearing about your project!

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at Mere Green House, 46-48 Mere Green Road, Sutton Coldfield, West Midlands B75 5BT (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2020 Caboodle Financial Services Ltd