Well often customers approach their existing lender if they want to borrow extra money for example for some debt consolidation or home improvements but they may be declined for such further advance. However, that’s not necessarily the end of the road just because the lender has rejected the application.
Further advances can be granted by way of second charge mortgage option. The reason why the current lender might have rejected the application for further advance could be that the borrower’s credit profile has changed in between the original mortgage date and further advance requirement timelines; as he may have lost his job or ended up with a default or county court judgement on credit profile, or other such reasons.
Such circumstances lead to such application getting declined by high street lenders. And it might be then impractical to move the entire mortgage into a different lender institution and be faced with a much higher rate of interest for the sake of borrowing an extra few thousand pounds.
This has been one of the reasons that second charge has come this far, as customers would be then able to retain the really attractive rates that they have got with high street lenders originally and just borrow this extra money through second charge mortgage options.
Other reason why second charge mortgage is practical option for borrowers is the heavy early repayment charge on current mortgage. Well, again borrower can avoid having to pay that re-mortgage, by leaving the current mortgage in place and taking out a second mortgage with different provider.
Now here at GPS finance, we are a team of mortgage brokers and advisors and can help you to find the best mortgage deals if you are about to buy property or looking to review an existing mortgage. We have our relationship with multiple high street lenders and financial institutions and we utilize our expertise and knowledge to help you navigate through your options. We have experienced and qualified mortgage specialist who would review your mortgage requirements based on your personal financial situation and apply for that mortgage on your behalf, thus saving you time, with complex loan processing lifecycle and by putting forward your application at the right institution based on our assessment to reduce the risk of rejection of your application. We are available at your service at every step of your mortgage application journey to guide you through and liaise through different parties involved like state agents, banks, solicitor, surveyor and other parties to ensure a successful application and smooth journey. We would continue to answer any queries, questions that you may have to provide personal service.
Therefore, go to our website and check our service offerings. Reach out to us and we would we happy to support you in your journey to fetch financial requirements.
Contact us on + 44 (0) 203 489 4747 or you can email us your enquiry at info@gpsfinance.co.uk
