Why a secured loan:
Welcome to Happy Brokers
27 April 2024
- Current mortgage company not willing to lend
- Cannot remortgage due to penalties imposed from current product
- They may not want to move from their high-street lender if they have had some adverse credit
- They need a fast completion. On average a loan is turned around in 2-3 weeks
- Income multiples on a re-mortgage do not fit - different calculations are used with some secured loan lenders
- Mortgage product has ended and your customer is better to remain on the lenders SVR than remortgaging at this point.
- Only 1 month's interest penalty and loan can be kept for any length of time.
