Consider the complexity before advising on second charges – Shawbrook

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  • 13/11/2019
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Consider the complexity before advising on second charges – Shawbrook
High street mortgage brokers should consider the complexity of the case when weighing up whether to pass a second charge application to a specialist packager, Shawbrook Bank has said.

 

Speaking on Specialist Lending Solutions Television, the bank’s head of intermediary distribution, Caroline Mirakian, said brokers could use the direct-to-lender panel route, but she added that difficult-to-handle cases sometimes required “an expert to do it quickly”. 

“It depends on the broker’s own choice and the customer’s circumstances,” Mirakian said.

“There are certainly brokers who don’t deal with seconds every day, don’t have that advice within their scope and would refer off to a specialist distributor.

“There are intricacies. But if you’re very confident, then a direct-to-lender panel is a way through because most of the products now are on the sourcing platforms,” she said.

[For intermediaries only]

 

 

Matt Cottle, chief executive officer of Specialist Mortgage Group, added: “With a simple, clear cut, low loan-to-value case, with no issues in the background, where the customer wants to borrow £100,000 or £150,000, it’s fairly easy to package a second charge. 

“When you hit the problems, that’s when a specialist distributor is worth their weight in gold.”

 

 

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