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Together offers reduced rates on second charge products
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Mortgage Strategy
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Brokers can take advantage of lenders second-charge appetite
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Shawbrook Bank have released its fourth instalment of its podcast series.
The latest episode of ‘A Conversation with Shawbrook’ was hosted by Gavin Seaholme, head of sales for Shawbrook’s property finance division.
Seaholme and guest Barney Drake, chief executive of Specialist Mortgage Group (SMG), discussed what this year has in store for the second charge mortgage market.
Seaholme and Drake looked at the impact of the pandemic on the second charge market, and the key drivers of growth.
They also discussed the uptick in customers looking to use second charge lending for debt consolidation, the upcoming FCA deadline for credit card companies to assist customers who are in persistent debt, and how more education across the property sector on persistent debt is needed.
If anything, they have become even bigger drivers for borrowers.
One additional area where second-charge loans could prove particularly useful, but which may not be on the radar for mortgage advisers, is for clients classed as being in ‘persistent debt’.
What is persistent debt?
Last year, the FCA introduced a new definition for borrowers in what it termed as ‘persistent debt’.
This was classed as borrowers who have been charged more in interest and fees on their credit card and have paid just the minimum payment for the preceding 18 months.
There’s no shortage of ‘persistent debt’ borrowers either. A study by the FCA last year suggested there are as many as three million credit card customers who are in persistent debt, who have paid an average of around £2.50 in interest for every £1 repaid.