Entries by 2nd Charge Loans

Seconds are so flexible and easy

A second charge mortgage provides an extremely useful alternative where consumers want to raise additional funds but do not want to change their existing first charge mortgage – especially if there would be additional costs in doing so. Second charge lending has many uses and one of the advantages of this type of loan lies […]

Second charge lending – seek professional advice.

When borrowing money whatever the most suitable solution may be, the ability to source second charge products for comparison against first charges means you will get the best deal to suit your needs. The key being that all options have been explored, not ignored. It pays to get professional advice when seeking a loan that […]

Is a secured loan (second charge) right for you?

More people than ever before are turning to a second charge mortgage to raise funds rather than taking out a personal loan or re-mortgaging. A second charge mortgage explained Second charge mortgages are becoming increasingly popular and are at their highest level since 2008. A second charge will allow you to borrow a lump sum […]

Second charge loan choices increase in 2020

It is, without doubt, secured lending popularity is increasing daily. Second charge mortgage completions have increased at a rapid rate over the last 2 years since regulation. This form of loan is quick and easy if you own a property, lenders are increasing their product portfolios at a rapid rate. Simply the amount borrowed is […]

Self-employed – Raising capital

It has always been more difficult for self-employed people to get a mortgage compared to salaried employees. For that matter, second charge loans have historically been somewhat harder to obtain for the self-employed as well. At the heart of the issue is a tendency among self-employed individuals to not be able to satisfy loan officers […]

Is expensive debt holding you back?

The early part of 2019 saw a sharp rise in the number of mortgage advisers utilising second charge loans for clients concerned about their expensive long-term debt. According to figures from the Bank of England, personal debt in the UK grew 12.4% in the year to 30 November 2018 the highest level since December 2008. […]

Second charge lending rates reducing

 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 […]

Average loan size increases

According to figures from the Finance and Leasing Association (FLA), the average second charge loan size has increased from around £25k ten years ago to around £45k now. The loan-to-value of around 60-65% on a second charge loan hasn’t changed much over the last ten years though, so it is higher property values which have […]

Why a second charge loan?

Funding major home improvements and dealing with changes in circumstances are among the main reasons homeowners take out second-charge mortgages. While they won’t be the right option for everyone, these loans can make sense in specific circumstances, such as the following: You have a very low interest rate on your main mortgage, and you’d need […]

Second charge loan costs reducing

The costs of second charge finance in 2019 is likely to be less expensive than last year, great news for the borrower indeed. Interest rates and fees have reduced significantly over the last six months as finance companies battle for a slice this ever-growing market. The market is also seeing new incentives added to packages […]