Spring Finance issues new second charge mortgage

Spring Finance has introduced a new second charge mortgage.

The offer is a 75 per cent LTV product set at a variable rate of 9.65 per cent.

It is aimed at clients with minor adverse blips on their credit profiles who might still fall into niche lending that many other lenders would reject, according to the firm.

Spring Finance head of sales Graeme Wade comments: “Here at Spring Finance we want to be seen as a proactive and reactive credit lender that adds true value to the lending market we sit in.”

Promise Solutions managing director Steve Walker says: “Credit repair is an area many brokers overlook because they cannot place this type of business on a remortgage basis.

“It is good news for borrowers as it allows them to return to mainstream borrowing a year or so down the line whilst potentially reducing their credit outgoings which puts them in better shape to maintain a good credit history in the interim.

“It is also good for brokers as they can be rewarded for the loan and subsequent mortgage transaction whilst often gaining a customer for life.”



Second charge mortgage repossessions edge upwards

The number of second charge mortgage repossessions increased in the first three months of this year, although rates remain at historically low levels. Figures from the Finance and Leasing Association show that 46 properties were repossessed n the first quarter of 2018, after the borrower defaulted on a second charge mortgage. This is up from […]


Experian drops bid for rival ClearScore over CMA concerns

Experian has dropped its proposed takeover of ClearScore over concerns that the competition watchdog was planning to block the deal. The credit reference giant announced today that it did not believe the Competition and Markets Authority would approve the deal on the terms that it was looking for. In a statement to investors released this […]

Insurance - thumbnail

Consumer attitudes to protection

Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole. By Ross Jackson, Senior Protection Marketing Manager We surveyed people who had already taken out some kind of protection insurance and those who didn’t have […]


News and expert analysis straight to your inbox

Sign up