Beech Finance

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Second Charge Mortgage

 

The FCA require brokers to look at a second charge loan as a viable option to a re-mortgage in all circumstances.

Beech Finance has access to a wide panel of second charge lenders, which means that when you introduce a case to us your clients will gain access to some of the best rates and flexible criteria available in the market, but not be rejected by a totally automated system as we underwrite the cases individually so we are best placed to get the right result.

If you’re looking to raise equity for your clients then your first reaction would usually be to look for a suitable remortgage. A remortgaging will involve the possibility of switching lenders and it will usually involve an increase in the monthly payments as they’re now increasing their borrowing.

If you remortgage your client then the additional equity that’s being raised will  tend to be a lower rate than a second charge mortgage, however because the mortgage is a higher amount this can often mean that a second charge product is cheaper because the client gets to keep their current mortgage rate and only pay an increased rate on the additional borrowing.

Second charge mortgages usually carry a maximum redemption penalty of 1 months interest and 1 month’s notice so if their rate tracks the bank of England Base Rate or Libor and they’re subject to a rate increase they can have the freedom to redeem their second charge loan at any time, where as a mortgage may have a fixed penalty for coming out of their fixed rate early.

Both first & second charge mortgages are regulated by the Financial Conduct Authority and they both have their advantages and disadvantages, so it’s important to consider what’s right for your client on a case by case basis.

Below are some criteria highlights that you can currently get access to via Beech Introducers.

ü  Loans from £10,000 - 1 million

ü  Terms from 1-30 years

ü  Rates from 4.5%

ü  Minimum property values from £40,000

ü  We can arrange loans up to 95% LTV

ü  Business loans up to 85% LTV

ü  Loans can be for any legal purpose

ü  Self Employed for a minimum of 6 months

ü  Current mortgage arrears accepted

ü  Non Standard properties types such as high rise flats & steel frames often accepted

ü  Income & Expenditure and 6 times income multiple products available

ü  Benefits including DLA, Child Tax Credits, and Working Tax Credits & Pensions often accepted

ü  Unlimited adverse credit plans available up to 75%

ü  Products available to ignore adverse credit over 12 months old with rates from 6.85%

ü  Low Redemptions

ü  Debt Management & IVA clients accepted up to 85% LTV

ü  No Equity products

ü  We can lend in England, Scotland, Wales & Northern Ireland

To submit an enquiry to Beech Introducers we just need a completed fact find which you can download once you’ve registered on our website.

How to submit your applications

 

  • We accept cases online through our quick submission section, simply scan the fact find and upload it to us, it takes around 30 seconds
  • You can fax your application and fact to us on 01625 616299 or email it to This email address is being protected from spambots. You need JavaScript enabled to view it.
  • You can post your applications to Beech Finance Ltd, Venture House, Cross Street, Macclesfield SK11 7PG

 

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