Reasons to use a second charge: Helping underserved borrowers access mortgages
Eddie Lau, broker account manager at Norton Broker Services, explores the key characteristics of second charge mortgages, how they can be used to support borrowers with complex financial circumstances, and the role they play in today’s market.
The learning objectives for this article are to:
- Understand the key characteristics of second charge mortgages and how they differ from first charge mortgages.
- Identify scenarios where a second charge mortgage is a viable option for clients with impaired credit, non-standard employment, or complex income structures.
- Evaluate the suitability of second charge mortgages and understand the key considerations in assessing affordability and compliance.
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