Lenders have seen the potential growth in the second charge lending market and have responded well by offering very competitive short and long-term packages to suit the majority of needs.
Over the last 12 months second charge interest rates have tumbled and are now very much in-line with a standard mortgage. With the Bank of England holding interest rates again it is expected the already low rates for second charge lending will fall again.
Second charge lending is growing in stature all the time and is now a very serious alterative to the once traditional re-mortgage. In the past a second charge loan was seen as a very expensive alternative to more traditional methods of raising capital.
Another major advantage of second charge lending is the speed of completion. A standard re-mortgage can take months to complete were as a second charge loan can be completed in 15 working days. This of course does depend on the complexity of the case submitted.
This form of loan will not suit everybody but it is without doubt worth exploring with the help of a qualified independent adviser. These days the choices of loans open to the majority of homeowners are vast and it is vital to get the correct one to suit your needs. Making the wrong choice could prove to be very expensive over the longer term so do seek the appropriate professional advice.
Choosing a loan
This is no easy task as there are so many different options open to the majority of applicants. Be sure you know how much you feel comfortable in repaying each month and seek professional independent advice as to the best loan to suit your needs. We have fully qualified advisers waiting who can assist you so please do get in contact.