Increase in demand for loans revealed with second burden

Second-charge mortgage specialist SoMo said inquiries from advisors about these loans rose 63% in April information campaign.

SoMo’s goal is to ensure mortgage advisors know how second-charge loans can help many of their clients, and research data for April suggests that strategy is paying off. Second mortgages now account for more than half of the company’s total lending business, with these loans being sought after by both homeowners and small businesses.

SoMo CEO Louis Alexander told Mortgage Introducer that both business and homeowners are now feeling the impact of rising living costs, making second-rate loans more important than ever. Then he further said:

“We find that brokers, intermediaries and clients turn to SoMo because of our ability to deliver a specialized and solution-based approach to Second Charge Lending, a leading LTV of 70% versus OMV and interest rates starting at 0.6% pcm to offer.”

The campaign the company launched to raise awareness of second-charge loans included sending out helium-filled promotional balloons to mortgage advisors, who then shared pictures of them on social media sites like Twitter and Instagram.

SoMo is a commercial lender that has been trying to focus on the secondary fee market since its inception. Training in various market specialties can be very valuable for advisors even after the CeMAP qualification as the mortgage market is constantly changing.