First Charge Mortgages

At Smart Money we recognise that not everyone fits with a mainstream mortgage lender, many of whom now rely heavily on automated decision-making.

This has created a rapidly expanding space for specialist first charge lenders to help clients who may be otherwise excluded from obtaining a remortgage or from purchasing a property.

Although Smart Money does not offer any first mortgage advice, our expertise in processing secured enquiries on behalf of introducers persuaded specialist lenders Together, Masthaven & Norton Finance to offer us the opportunity to include a 1st Charge Packaging facility on their niche products. These products are available to mortgage advisers with suitable permissions as the advice will be provided by the introducer.

The Journey:

The journey is introduce your first charge enquiry to us and we will assess first of all and if ok in principle, we will then revert to you with details on that approval, for you to confirm with your clients and collect all relevant documents.

You then return all the documents to Smart Money to package the case on your behalf whilst you retain all contact with your clients.

Our specialist lenders have some niches within their 1st charge product range that aren’t always accessible to mortgage brokers through traditional mortgage sourcing systems and have proved to be a very popular addition to our specialist range:

Property Types Accepted:

  • England, Scotland & Wales.
  • Non-standard construction.
  • Right to Buy purchases– all pre emption ignored.
  • Ex-local authority for a remortgage.
  • Up to 75% LTV.
  • Min property value £50,000.

Key features of our specialist first charge mortgages:

  • Employed – Payslips.
  • Self-Employed – Accountants Reference / SA302.
  • Minimum 6 months employed.
  • Minimum 12 months Self-Employed.
  • Affordability-based decision.
  • Most benefit income accepted.
  • Loans from £10,000 – £200,000.
  • 3 – 30 year term (80 years old at the end).
  • No ERC’s.
  • Capital Repayment & Interest only options.
  • Any legal purpose.
  • Free Valuations.
  • First Time Buyers.
  • Shared ownership.

If you’re a mortgage adviser and need help finding either a remortgage or a right-to-buy mortgage for your clients, call our specialist 1st charge packaging team today and let us help you.