Copy article

Second charge lending

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 11. August 2022

Looking to speak to mortgage brokers about second charge lenders following the news that Precise Mortgages have temporarily suspended their second charge lending. 

  1. Have other lenders done similar things? 
  2. Will more lenders follow suit?
  3. How easy it it place second charge business now and has it changed?

 

 

2 responses from the Newspage community

Copy all

Copy

Editor
Imran Hussain
Director at Harmony Financial Services
The main reason for this is purely going to be down to service levels the knock on effect it can have is other lenders have to pick up the slack and it could cause a domino effect if more lenders decide to pause lending especially if they don't return to the market quick enough.
Copy

Rhys Schofield
Brand Director at Peak Mortgages and Protection
The important thing to look at is why? Lenders service levels are buckling under the demand for their services and it's very sensible for them to close the taps to get back on top of their paperwork. It's better for both brokers and clients in the long run that they do. We're going to see lots more of this, especially where the cost of living crisis is spurring people on to act and control their finances, especially when it comes to debt consolidation. I can only salute Precise for being pro-active about it.