Secured loans are growing in popularity, but they're not always at the forefront of brokers' minds.
When a customer seeks help from a broker, it’s very unlikely that they’re going to approach them with a specific product in mind – they’re looking for advice and expect their broker to find them the best solution for their situation.
Many customers aren’t fully aware of all the solutions out there for their circumstances, which means that many aren’t aware of the fantastic options that secured loans can provide to them, or that they can be used as an alternative to a remortgage.
So, when a customer approaches their broker for a remortgage, it’s an ideal time to discuss a second charge as an alternative if you think that a remortgage isn’t in the customers’ best interest.
But when is a remortgage not the ideal solution?
More often than not, it’s when the customer has a low rate on their mortgage, and remortgaging would mean potentially taking on a high rate and payment; or, they’re tired into a fixed rate for so many years and face hefty early redemption penalties, so wouldn’t actually be in a better position, financially.
We know that some brokers do still shy away from giving advice on seconds; sometimes it’s because they don’t feel confident enough in their product knowledge to advise their customer on the loan, or they don’t get involved with second charges as they find they don’t have the time or resources to keep up with the ever-changing market.
That’s where using a broker, like Norton Broker Services, can be used to your advantage. We have a team of 29 people in our Secured Loans department who have the knowledge and resources to help your customer find their ideal second charge solution. Our broker team would be your initial point of contact for any enquiries, then our experienced Customer Relations Managers (CRMs) take on your cases from full application to completion.
As the market increases and develops, we regularly have training to keep up with lenders’ criteria and changes within the market. We also have dedicated administration assistants who deal directly with surveyors and first charge lenders, meaning our CRMs have more time to work the cases you send over. We’re unique in that we’re one of the brokers out there whose CRMs both source and give the advice on cases, to ensure the smoothest possible journey for every customer.
If you’re looking to place a case with a second charge lender, but are struggling to do so, don’t reject the case! Send it over to Norton Broker Services, because you know we’re expertise you can trust.