E N Q U IRE  NOW

A Second Charge mortgage is, as the name suggests, a separate and additional mortgage to the homeowner’s main (or first) mortgage.

Second charge mortgages (sometimes known as ‘Homeowner Loans’) are loans which are secured against the borrower’s residential property, and as such, are available only to homeowners. In common with remortgages, second charge mortgages are sometimes used by homeowners to raise money.

When considering a second (‘further’) advance, the lender will take into account the value of the borrower’s home, less any mortgage owed on it. The difference between the two amounts is known as ‘equity’ and provides the lender with security against the loan. If for example, the home is estimated to be worth £300,000 and the amount remaining to be paid on the mortgage is £100,000, the equity is £200,000. In addition to the amount of equity that’s available, the lender will consider the borrowers’ ability to service both mortgages if interest rates were to rise.

By taking a second mortgage, the homeowner will have two mortgages on his or her home. In common with a first mortgage, the borrower’s home will be at risk if he or she fails to keep up the mortgage payments.

When the property is sold, or the homeowner moves to a new home, the amount owing on the first mortgage must be repaid in full before anything is paid off the second mortgage.

Generally speaking, lenders charge a higher rate of interest on second charge mortgages than they do on first or main mortgages. The rate of interest (which may be fixed or variable) can also depend on the size and term of the loan, the homeowner’s credit rating and the amount of equity that exists in the home.

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Feefo Platinum Award

19th January 2022, Active Finance UK has won the Feefo Platinum Trusted Service award.

Since 2014, Feefo has recognised the businesses who deliver exceptional experiences, using feedback from real customers.

The Trusted Service Awards are unique as they are based purely on feedback from real customers. This means they are a true reflection of commitment to outstanding customer service.

Feefo have given Platinum Trusted Service awards to businesses who have achieved Gold standard for three consecutive years. To receive a Gold Trusted Service award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 between 1st January 2020 and 31st December 2021.

Russell Jenkins, Active Finance UK commented: “We’re thrilled to receive this award from Feefo. It means a lot because it’s based on feedback from our customers and, ultimately, keeping them happy is why we come to work each day. The award also recognises just how hard our staff have worked in really difficult circumstances. We’re fully committed to the highest quality of service, so it’s vital for us to listen, understand and respond to all our customers.”

This award means even more following another difficult year. Online interactions have soared since the start of coronavirus. People are now 40% more likely to leave feedback after a purchase. This has made it very difficult for many businesses who struggled to respond effectively. 43% of people now believe that companies have become less effective at dealing with negative feedback in the last year.

Congratulating Active Finance UK, Kim Burgess, Head of Customer Success at Feefo, said:

“The Trusted Service Awards recognise companies who above and beyond to provide the very best customer experience.

“I’m so impressed by how our customers have overcome the challenges of the past two years. A particular congratulations to our Platinum Trusted Service winners. It’s an extremely tough challenge.

“I can’t wait to see what our customers achieve next year in 2022.”

Feefo is a leading global customer reviews and insights platform on a mission to empower its clients to fully understand how their customers experience their product or service.

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