Secured Loans – Interview with Lucy Williams
Having worked for Omega for two years previously, Lucy has returned to the team and is keen to continue helping introducing partners and clients.
Read our latest interview to find out more about how Secured Loans can help clients including overcoming adverse credit and bankruptcy, and Lucy’s love of both Secured Loans and Arnie!
OMEGA: Why would a client want to utilise a secured loan?
LUCY: There are many reasons to be honest, recent cases have varied greatly including being fixed in with their existing first charge mortgage lender without the option of a further advance. Affordability can be more flexible with many secured lenders, it could be due to the purpose of the loan itself, maybe a tax bill or for business use or even unusual income source, contract work or self-employed for example.
OMEGA: Why would an introducer recommend a secured loan to their client?
LUCY: Many cases referred to Omega are due to high penalties / ERCs in place with the first charge lender, with clients preferring to take a second charge behind the existing mortgage rather than incur the high costs associated with a remortgage.
Another scenario we see regularly is due to Adverse credit, with the secured loan allowing the client to clear or rectify blemishes, improving their overall credit score for a period of time, before looking to refinance in due course to a first charge.
OMEGA: Is there a particular case or example which stands out to you?
LUCY: There are lots but one recently which does stand out: Client was a self-employed builder and due to previous slumps in the wider building trade and market generally he had entered into bankruptcy. Prior to this, the client had been working and earning a strong and regular income for a number of years, but due to the bankruptcy order, his home was now at risk of repossession. The client was months away from losing his property where he resided with his wife and young child, however we were able to arrange a secured loan behind his existing mortgage to clear his bankruptcy order and thereby allow time and breathing space to get himself in a better overall financial position.
OMEGA: What do you like most about working in Secured Loans?
LUCY: It might sound obvious, but the ability to go above and beyond for a client to help them to achieve their aspirations or put them in a better position financially.
OMEGA: What do you like most about working at Omega?
LUCY: Aside from the hourly tea run! It would be the challenge of placing new / difficult cases and interacting with many varied clients and introducers
OMEGA: What is your dream job?
LUCY: To run a Tea Room and bake cakes all day
OMEGA: Favourite Book or Film?
LUCY: True Lies (bit of Arnie)