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Hello from Joe: The Right Time for a Second Charge

Hello - it’s me again.

I just wanted to catch up with you now that we have finally bid farewell to 2023 and welcomed 2024 with a big HUZZAH!

January is always a mixed bag of emotions – everyone is grateful that we have reached the start of a fresh new year full of opportunities, but we are also staring down the barrel of more dark nights, winter weathers and, of course, the dreaded credit card bill after the Christmas chaos.

That being said, I am (very) pleased to share that the market is finally looking to be stabilising, competitive rates are coming in thick and fast and vast swathes of people are now looking to get their personal finances in order and will be considering their options.

One such avenue that could be a game-changer for your clients in 2024 is a second charge mortgage for debt consolidation.

Now, we know we don’t need to convince you of all the (many) benefits of a second charge (large loan sizes, options for those with poor credit, spreading the repayments over a longer term to improve affordability etc.) but there are a few things that you might not realise, that we think are useful to know.

Joe Defries The Loan Partnership

Favourable Interest rates:

With so many lenders now cutting rates, there has never been a more opportune time for your clients to consider a second charge. With not one, but several sub 7% deals currently available, with schemes starting from 6.59%, there is an abundance of options to suit all needs, budgets and requirements.

If your client has a poor credit history or is currently feeling the impact of their festive commitments, now could be the right time to take control and consolidate multiple debts into one more healthy repayment.

Better yet, we are working with our lender panel on a daily basis to ensure your clients get the very latest offers, so always give us a quick call to find out the most up-to-date deals on the market.

We sadly don’t have a crystal ball (wouldn’t that be nice):

None of us can know what interest rates will do this year, so we strongly recommend to ‘strike while the iron is hot’ and explore whether a second charge could be the answer your client needs.

If it is, we’re here to help make sure they get the right deal, at the right price to ensure they start 2024 on the right foot.

House prices:

Talking of crystal ball predictions, there’s also the matter of house prices. With the current uncertainty on how the housing market will react this year, it may be prudent for your clients to consider a second charge sooner rather than later to maximise their built up equity in their property and the opportunity to access additional funds through a second charge mortgage.

Most importantly, no matter when or why your client may be considering a second charge mortgage, the TLP team can help alleviate the mental, emotional and financial stress associated with managing various debts. We can help them focus on a singular financial commitment in 2024 and work towards a debt-free future.

Now all that is left for me to say is that I, for one, am very excited for all that the next 12 months has in store for us all.

We have big plans for 2024 and we hope you do too.

So bring it on!

Joe Defries Signature

P.s. we need to ask a quick favour…we’ve been nominated for ‘Best Second Charge Broker’ in this year’s Mortgage Strategy Awards and if you could spare 30 seconds to cast your vote, right here, we would really appreciate it.