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December 20, 2016

A second charge can manage affordability limits when consolidating debt

 

Restructuring unsecured debt can reduce monthly outgoings hugely...

... but to do so with a first charge mortgage, clients often run into conventional income multiple limits on affordability.

Second charge lenders will start at 6 times income, by taking into account the positive impact on reduced outgoings after debt consolidation. 

This can make the client’s net debt costs more affordable on a monthly basis - the high street normally won't do this.

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