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The Advantages of Consulting an Expert Second Charge Mortgage Broker

Find out why an independent broker can make a significant difference to your second charge mortgage costs and application process.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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The Advantages of Consulting an Expert Second Charge Mortgage Broker

The second charge mortgage market can be complex, with various aspects to bear in mind – from selecting the right second charge mortgage lenders to assessing your eligibility and ensuring your borrowing is sufficient to cover the outgoings you have planned.

Borrowers may also find that the policies and criteria between each second charge mortgage lender vary greatly, and a second charge mortgage broker can be invaluable in providing independent advice, and suggesting the best-suited lender that is most likely to approve the application.

Today Revolution Finance Brokers, and our specialist second charge mortgage advisor team, explain the benefits of working with a skilled, whole-of-market broker before you make any long-term financial decisions.

What Does a Second Charge Mortgage Broker Do?

Our role as your second charge mortgage advisor is to provide transparent guidance as you navigate the second charge mortgage market – we assist clients with the following:

  • Comparing the pros and cons of a second charge mortgage vs remortgage product to ensure they have clarity about the costs and fees attached.
  • Submitting complete, accurate applications to their selected second charge mortgage lender and following through to ensure it is processed swiftly.
  • Negotiating with second charge mortgage lenders on behalf of our clients to secure the best possible interest rates and product fees.
  • Assessing their circumstances to recommend the second charge mortgage lender that is best suited to their borrowing requirements.

The reduction in interest rates we often achieve means that working with a second charge mortgage broker is very likely to mean your chances of approval are improved, and the overall cost of the product is reduced.

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The Advantage of Consulting a Second Charge Mortgage Advisor

Like all mortgage products, there are multiple second charge mortgage lenders with different rates, terms, conditions, lending policies and charges. Unfortunately, some of the most competitive lenders do not advertise their products online or use online comparison sites.

Instead, a niche second charge mortgage lender may only accept applications via their trusted networks of independent second charge mortgage advisor teams, which means that even the best lender available online may not provide the most favourable deal.

It is also important to establish the second charge mortgage definition and confirm whether this is the right way forward. Some homeowners find that another type of secured loan is more appropriate or that the amount they wish to borrow is below the threshold most second charge mortgage lenders will consider.

A second charge mortgage broker is even more essential if you have any non-standard circumstances attached to your application, since a high street lender or mainstream second charge mortgage lender will rarely consider applicants who do not fit within their criteria.

For example, you may need a second charge mortgage advisor to identify suitable products and lenders if you have adverse credit, have an unusual property, are approaching retirement, or need to borrow a large value in proportion to the equity you own in your home, above the 80% to 85% maximum usually offered by a second charge mortgage lender.

Costs of Hiring a Second Charge Mortgage Broker

The first area to address when considering costs is that, although the terms broker and advisor can and are used interchangeably, they can mean two different things. For example, a second charge mortgage advisor at a bank can only advise on the products available from the lender they are employed by.

In contrast, an independent second charge mortgage broker with whole-of-market status has access to thousands of products and the autonomy to recommend whichever second charge mortgage lenders or deals they feel are in your best interests.

Depending on the complexity of the application, most deals are based on a percentage or fee structure very similar to what you might expect when applying for a first charge mortgage. The return is the expertise of a professional broker well versed in the second charge mortgage market who can often save you thousands in repayment costs by negotiating directly with the second charge mortgage lender.

Revolution always advises on the anticipated costs before we agree to act as your second charge mortgage broker for the avoidance of any doubt and to verify you are happy to proceed.

Applying for a Second Charge Mortgage Through a Second Charge Mortgage Broker

We assist with each phase, from compiling documents and records to submit to the second charge mortgage lender with your application to finalising the deal. If you are keen to complete the transaction as soon as possible, you can follow the below steps.

  • Preparing paperwork – the second charge mortgage lender will wish to see documents such as three months of payslips, copies of your bank statements, and photo ID.
  • Accessing your first charge mortgage details – second charge mortgage lenders will also need to review the details of your current mortgage. You will usually need to contact the original lender and go through a formal process to gain their consent.

A second charge mortgage broker can help, advising on the information you need and reviewing the application before they send it to the second charge mortgage lender to clear up any queries or highlight questions they expect the lender to raise.

Finding an Experienced Second Charge Mortgage Broker

We often work with clients who recognise that a second charge mortgage broker could expedite their application, enhance their prospects and secure a more competitive deal but are unsure how to go about hiring a broker with the relevant knowledge.

If you need any assistance with choosing second charge mortgage lenders, working out how much you may be able to borrow, comparing deals, or even selecting between a second charge mortgage vs remortgage, please get in touch with Revolution Finance Brokers at any time.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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