Second charge gives customers options

The second charge market is flourishing, and secured loans are being employed for an increasing variety of uses.

United Trust Banks’s Mortgage team recently completed a £48,000 second charge loan for a couple which would enable one of them to take up a stock option from his employer. The applicant had worked for the company for over 14 years and the company was offering its senior managers an opportunity to purchase shares in the company at an advantageous price. Having consulted an expert and considered the risks of equity investment the customer decided this was too good an opportunity to miss.

The application was received with the submission requirements, including the latest two payslips, and this enabled UTB to carry out the initial underwrite of the application. Once the valuation was completed and returned together with our other requirements, which included confirmation that the number of shares being purchased would not change his employment status or effect his salary, we were able to issue the Binding Offer. With this the applicant was able to confirm to his employer his commitment to exercise his stock options.

On receipt of the original signed deed we were able to release the funds to our customers to complete the purchase of the shares.

At UTB we work closely with our broker partners to help our mutual customers to seize opportunities and achieve their goals.

Loan £48,000

Term 25 years