We are an independent specialist finance broker who work primarily with mortgage brokers and financial advisers, to help you understand the specialist finance market, and make it work for your clients.
The Mortgage Credit Directive (MCD):
The MCD, introduced in March 2016, means mortgage advisers must now consider all appropriate avenues of finance for a client. Including second charges.
Our experience tells us most mortgage advisers are nervous of the secured lending market. Often put off by a perception of high fees, high interest rates and a nervousness about ‘doing the right thing’.
This is where we come in.
- We are here to help you, our fellow mortgage brokers provide great solutions for your clients. Cardiff Money helps mortgage brokers:
- Better understand the secured lending market
- Comply with the MCD
- Make the right recommendation for your client
- Understand that fees are reasonable and interest rates competitive
- Source the most suitable second charge lender
- Reduce the administration burden, by packaging the case, submitting it to the lender, and seeing it through to completion
- Who is second charge lending right for?
Anyone who has a first charge mortgage on either a residential, Buy to Let or commercial property.
- Specifically, second charges can work when your client:
- Is tied into an existing mortgage with high early redemption penalties
- Doesn’t want to move away from a competitive Tracker or Standard Variable Rate arrangement
- Doesn’t fit the rigid lending criteria for a first charge mortgage
- Has complex income which don’t fit the traditional mortgage market
- Is looking to raise money for a purpose high street lenders will not accept, for example business loans and tax bills
- Has adverse credit
- Is a landlords or property developer looking to raise funds but struggling due to the new Buy to Let rules
In addition, we have a wealth of experience in the bridging, commercial, development, specialist 1st charge and the buy to let markets. We have dedicated specialists to assist you and your clients on these complex cases.