Remortgaging might seem the obvious solution — but there may be stumbling blocks in the way. Let’s say, for instance, that the customer is no longer in a salaried role (a significant material change compared to when the mortgage was first arranged). They are starting to see a profit from their new business, but turnover levels are volatile. Under these new circumstances, the existing lender may be unwilling to extend the terms of the existing loan.
A second charge might offer a practical alternative; in other words, a secondary secured loan (from a different lender) that sits on top of the existing loan. As with first charges, it’s useful to have access to specialist products from lenders who understand the needs of self-employed borrowers.
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