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.
Just a missed credit card payment can prevent a the high street considering a client for 12 months, or make rates prohibitive. Incremental borrowing on a second charge can be done for all types of impaired credit, right up to and including bankruptcy – helpful if a client’s circumstances have changed since their first charge mortgage was arranged.
Sound like something your client might need? Click here to get a quote for a second charge mortgage.