Blemain Finance launches second charge product

Blemain Finance has launched a product for second charge cases where consent has been declined from prime and sub-prime first charge lenders.

Typically consent is declined by first charge lenders if there are mortgage arrears or if the client has not had the mortgage for six months or more.

Loan terms of between three to 25 years and unlimited CCJs and arrears are offered.

In addition a 2% discount is available for one year and there is an initial three months interest free payment holiday.

The product is interest only for the full term.

Gary Bailey, director of Blemain Finance, says: This latest innovative plan continues our determination to give finance brokers a wide range of options to find solutions for their clients whilst still receiving excellent commissions.

Feedback from brokers indicates that there is definitely a requirement for an equitable charge facility in the market and Im pleased that we have responded to the needs of our brokers.