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Enterprise Finance Blog

A second charge mortgage can help pay for your client's wedding...

13-Dec-2016 06:05:00

When a client needs to support a family member, a second charge mortgage can release property equity to cover major expenses.

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Help a client invest with a second charge mortgage

06-Dec-2016 06:04:00

A second charge mortgage can be used to release equity to invest or use elsewhere for things like:

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A Second Charge Mortgage Can Protect a Client's First Charge Mortgage

29-Nov-2016 06:03:00

There are many reasons why brokers would recommend a second charge mortgage. One of them is to help their clients protect their exisiting first charge mortgage. A second charge can unlock the required funds and leave the first charge they have untouched. There are 3 key situations:

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Second charge mortgages are not just for sub-prime

15-Nov-2016 05:17:00

Historically, second charge mortgages were considered for sub-prime. Impaired credit does continue to be a reason to consider a second charge loan, but in a different sense.

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A second charge solution potentially saved the customer £542 per month

09-Nov-2016 16:08:52

A mortgage broker approached Enterprise Finance with a client who wanted to raise £30,000.

The client’s main residence was valued at £480,000 with an oustanding mortgage of £280,000 on an interest only basis. The current monthly mortgage repayment was £758.

The client applied to his existing lender for a £30,000 further advance. The lender agreed but insisted on the entire balance being switched to repayment. The effect of this was a new potential monthly mortgage repayment of £1,511.

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