Category: Second Charge
The most common reasons advisers provided for not mentioning second charge mortgages were that they did not have the time, or that they forgot to do so.
The lender, which offers individual pricing based on the circumstances of each customer, has made reductions across its pricing model.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the 12 months to March 2020.
Applications from self-employed borrowers up to 75% are now accepted whilst AVM’s are available up to 65% on Apex 1 plans.
It has also replaced its 3-year fixed-rate product with a 2-year fix.
In total there were 2,435 new cases in the month preceding the government’s lockdown of the UK in its efforts to thwart the continued spread of coronavirus.
Knowledge Bank added second charges and bridging to its live feed as an increasing number of lenders change products or pull lending in these sectors.
Masthaven will be reviewing all pre-offer applications to asses the customer’s long-term affordability in light of COVID-19.
PRIMIS has refreshed its packager panels for residential, buy-to-let, bridging, second charge and commercial.