Advantages of Secured Loans/Second Mortgages

Secured loans or second mortgages are now an absolute essential as a ‘best advice’ tool.  An alternative to re mortgaging, secured loans provide funds to those who would be penalised for redeeming a mortgage early or would have to accept a higher interest rate because of adverse credit or changes of circumstances generally. 
Setting up costs are minimal and the loan term can extend independently from the main mortgage.   

Cost Effective

Compare it with the true cost of a re-mortgage.  It’s often cheaper to take out a Secured Loan than to Re-mortgage.

• No solicitors costs
• No HLF (Higher Lending Fee)
• No application fees
• No early redemption charges to existing mortgagee – mortgage remains in place

Using a Secured Loan to enable your customer to consolidate credit cards and other expensive loans could free-up enough monthly disposable income to enable them to invest in your other products. 

Advantageous

• Cheques are normally issued within 21 days
• Poor payment history, CCJ's, defaults or mortgage arrears can be accommodated on many plans
• Favourable income multiples are based on monthly income with a self-certification option available
• Existing mortgage is not affected – useful if enjoying a beneficial rate or if credit history has altered since the mortgage was granted
• Healthy Introducer commissions payable
• Early Redemption Charge on residential plans now only one month's interest with one month's notice regardless of loan size

Flexible

• Loans from £5,000 to £100,000
• Flexible terms of between 5 – 25 years
• Full  status up to 85% LTV (Self employed max 75%)
• Self-Cert up to 65% LTV (Self cert up to a maximum of £40,000, after this proof required)
• Maximum Age 85 years old
• Residential Property
• Investment Property  

Contact us via e-mail on AIP@selectps.biz or telephone on 01244 674411.

Lenders

• Shawbrook Bank
• Blemain
• GE Money
• Portal Portfolio
• Nemo
• Prestige
• Ocean
• Norton
• First European