Anyone who is looking to make some savings this year or to cut back on their outgoings will be looking very closely at any expensive loans they have. This year has seen households around the country taking out second charge loans to reduce overall expensive debt.
Making a saving of £200 or £250 per month on a loan is really not that unusual these days – and who wouldn’t like £2400 or £3000 a year in their bank account?
Uncertainty is fuelling this behaviour. People in truth aren’t really that bothered by Brexit or the Trump effect – the truth is many people are feeling the pinch and have less money than they did have a few years ago.
With interest rates currently at a very advantageous level feeling is they can only go in one direction and that is upwards. There is already some talk of that during 2018 and beyond so the chance to negotiate a fixed rate and save money is looking increasingly attractive for borrowers.
Lenders are very aware of this situation and are monitoring it very closely as they want to keep pace with this growing trend.
Recent surveys show homeowners when raising funds see speed of completion as a major factor. The industry has noted this and worked very hard to reduce lending times and now the average completion can happen within 15 working days. This is a big step forward and goes to prove the lenders take this form of lending very seriously.
If you require some help with your borrowing please do make contact and one of our advisers will be happy to assist.