He continued that brokers who could “highlight” second charges as a solution would be in a “pole position to secure their business in the long run, providing a foundation for a successful advisory business not just today but in the years to come”. He said that the market could benefit from “increased awareness and understanding” of second charge mortgages among consumers and financial advisers.īrookes added that there should be a “normalisation” of the product, with mainstream consumer discussion, understanding and promotion of second charges across the market and attention in the media. However, second charge mortgages can provide clients with a sensible, suitable alternative solution that fit their circumstances,” he explained.īrookes continued that there was “opportunity for growth” in the second charge mortgage market as it was “still a relatively underdeveloped market and that demand was growing for this type of financing”. “Mainstream lending products may be inflexible or require greater levels of questioning on affordability. He noted that second charges had become a “popular solution” for those who cannot or should remortgage currently, whether this was due to “prohibitive early repayment charge (ERC) periods or keeping a comparably low rate via a product transfer for the existing mortgage debt”.īrookes continued that it was also popular with those looking to “undertake energy efficient upgrades, home improvements, refurbishment, or extensions” as well as those looking for debt consolidation as consumer debt was growing.
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