Welcome to Caboodle. As a fellow PRIMIS Group member we are looking to work closely with you and many other members, not only to provide access for second charge loans but also to help you identify opportunities where second charge lending can benefit both you and your client.
Click here to read a selection of case studies for Group members we have helped already
The second charge loan market has become a hugely competitive arena over the last few years and with lower rates and flexible criteria they are becoming an increasingly popular alternative to remortgaging as a way for your clients to capital raise. Caboodle has access to the full range of products from the market leading low rate deals to plans that can help clients with anything from minor to heavy adverse credit.
**Note: Caboodle also has access to niche mortgage providers not directly available through the network, for those hard to place clients with no existing mortgage – see below**
Why would you consider a second charge loan for your client? Just some of the many reasons are
We are often asked what the most popular areas are where second charge lending can play an important role in the potential solution you offer your client when they are looking to raise capital. Although not an exhaustive list these are the areas we have helped other network advisers in recent months
We understand you may be able to access second charge loans from other providers, so why Caboodle?
Hear what some of the other group members we are already working with have to say about us and our service:
There is no need to register, to discuss a case or refer a client just call us on 0121 308 9114 or email firstname.lastname@example.org
**Caboodle may also be able to help you with those ‘hard to place’ mortgage cases via the niche mortgage products we have access to with Together Mortgages & Norton for residential and BTL customers looking to purchase or remortgage. Some of the main areas we can assist with are
Clients were 3 years into a 5 year fixed rate and had significant ERC’s due to the size of the mortgage. They wanted to raise £75,000 to consolidate some credit and undertake some improvements to the property. The mortgage lender would not offer a further advance so we arranged a second charge loan for the clients to avoid them having to pay the ERC’s, which they will repay when they remortgage at the end of the fixed period.
Husband and wife who are co-directors of a limited company want to buy the business premises they are currently renting. They have had a commercial mortgage agreed by their business bankers but need to raise the deposit for the remainder.
We arranged a second charge loan for them in their personal names against their residential property to provide this deposit, which together with the commercial mortgage allowed them to complete the transaction.
Client had a portfolio of 6 BTL properties, all of which are Limited Company owned. The clients’ family owed a significant amount to HMRC who held a ‘Freeing Order’ over the portfolio which could not be removed until the full amount due was paid.
We helped them with a facility for over a £¼M to repay HMRC and release the freezing order, allowing them now to start selling some of the properties and remortgaging the others onto standard BTL’s to repay the facility.
Client had been in an IVA for a few years and as you would expect had defaults on his credit file relating to the accounts covered by the arrangement. The client agreed a full and final settlement figure via the IVA supervisors to clear the arrangement. However, his mortgage was on a very low tracker deal which he didn’t want to sacrifice and as such a second charge loan was a better short term solution until such time the referring broker can remortgage him back with a mainstream lender at a reasonable rate.
Clients were in their late 50’s and had an interest only tracker mortgage for around £175,000 at 0.25% above base. They were looking to raise an additional £40,000 but did not want to sacrifice the mortgage deal they currently have as they intend to downsize to clear it in due course. They could not convert the mortgage to capital repayment due to term/affordability restrictions so we arranged them a second charge loan leaving the existing mortgage as it is.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114