We’re here to support the growth of second charge mortgages

And there’s an expectation that the market will continue to grow this year. The FLA says that economic recovery has entered a more challenging phase, with high inflation, the prospect of rates rising and consumers spending some of their excess savings.

All of these factors could feed into an increase in demand for second charge mortgages as large outlays of expenditure, such as home improvements, become more expensive and the cost of borrowing rises. The combination of these events may encourage many customers to investigate how they can lower their monthly credit commitments through debt consolidation.

At Pepper Money, following the launch of our second charge business formerly known as Optimum Credit, we are fully committed to helping support this growth of the market, but we think we can go a step further.

We believe there is an opportunity to raise the profile of second charge mortgages whilst expanding the market to reach a wider group of customers. We aim to achieve this by leveraging the Pepper Money brand and working with our intermediary partners to help educate and dispel customer misconceptions of a second charge mortgage.

Existing second charge customers will notice no difference to the excellent service they already receive, but by broadening the Pepper Money proposition, we have an opportunity to work with even more customers in the future and that’s a very exciting prospect.

The addition of second charge mortgages to our proposition is a big step forward in delivering brokers a more comprehensive specialist lending offering. It’s good news for brokers and will open more opportunities for them to help an even broader range of customers under a brand they know and trust for delivering outstanding service.

Now is a great time for brokers to discover how the growing second charge mortgage market can help them to help their clients, and we hope that we can play our part in continuing to develop this market.