Speaking on Specialist Lending Solutions Television with Shawbrook Bank, the lender noted it was seeing a greater number of self-employed people taking out second charge loans.

Caroline Mirakian, head of intermediary distribution at Shawbrook, said: “Previously a second charge loan would be seen from an employed customer but now we’re also finding a substantial amount of customers are self-employed.”

And she continued that loans were no longer just typically for home improvements and debt consolidation.

“Now we’re finding loans will be for various purposes: paying a tax bill, purchasing an investment property, helping a child get on to the property ladder by providing them a deposit, even repaying a Help to Buy balance which is a pertinent subject right now.

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“So all sorts of reasons. I think we had one recently which was to purchase a boat, so a second charge is for many uses,” she added.

[For intermediaries only]

 

https://vimeo.com/371916078

 

 

You can watch the rest of the videos in this series by following the links below:

 

Consider the complexity before advising on second charges – Shawbrook

Close alignment to first charges makes seconds easier to understand – Specialist Mortgage Group

Regulation has secured second charge market, but still more to do – Specialist Mortgage Group

‘Artificially high’ second charge fees are a ‘thing of the past’ – Specialist Mortgage Group