Second charge loans continue to grow rapidly

The second charge loan industry has seen massive growth over the past few years and it continues to grow.

The facts are the second charge lending market grew by 34% in 2016, with the total size of the sector reaching record levels of lending. 2017 is following the same trend with loan applications and completions up again on last year’s impressive figures.

The industry’s huge growth shows borrowers have become more aware of the ways second charge lending can help solve debt problems quickly and efficiently.

As the second charge sector continues to build on its successes, we are seeing lenders producing more new products to assist the borrower.

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 four weeks. This is a big step forward and goes to prove the lenders take this form of lending very seriously.

With the Brexit talks looming it appears the majority of homeowners want to consolidate any expensive debt they may have as experts are predicting very unsettled times ahead.

Can we help you?

If you require more information of how a second charge loan can help you, please contact us and we will be happy to assist.


Secured loans to help with debt

Consolidate debt

Do you turn to credit to help make ends meet? It’s an increasingly popular solution, but it may not be the best one, because those credit agreements can quickly add up – and monthly repayments could start getting out of control as a result. So why not consolidate? Turning debt into a single, more affordable monthly payment could make a huge difference to your finances, and with loan rates so low, it could be a great time to give this idea serious consideration.

Second charge low pricing = low repayments

According to our latest research, the ongoing cuts to secured loan pricing mean that customers who switch or take out a new loan today can save hundreds of pounds over the term of their agreement.

This is largely thanks to intense competition between providers. Quite simply, lenders want you to come to them for your borrowing needs as they’ll earn interest from you, and they’re willing to lower their rates in order to secure that kind of business. So why not take advantage? Your monthly repayments could be far lower by consolidating your credit cards, for example, and you may even want to consider taking out a new low-rate loan to replace a current one which may be far too expensive.

With all the uncertainty that the Brexit talks will bring now could be a very good time to review your outgoings.

Can we help?

If you would like to review your current loans and require more information how a second charge loan could help you please get in touch.



Benefits of secured lending

Second charge loan advantages and benefits:

There are many very good reasons to consider a second charge loan over a re-mortgage and these are just a few.

  • Speed of completion
  • Flexible repayments
  • No early repayment fees
  • Much lower set up charges

A secured loan can be used in many situations to assist a client get their finances back on track. When a client has a poor credit rating or even CCJ(s) they often do not want to go down the route of a debt management plan (DMP).

Also, the client may have a very good mortgage deal currently running with penalties to change. A re-mortgage isn’t always the answer as there are other alternatives that can assist most situations.

What we are seeing is secured loans being used to settle unsecured debt that has built up over the years gone by. This could be a simple loan or a number of high interest credit cards which eat into the monthly family budget. A secured loan can be raised on the existing property which will have one lesser payment each month helping the client get back control of their finances.

Second charged lending is growing in stature every year and figures show clients are very receptive to this form of lending.

Like to know more? 

If you are looking to raise a loan please do make contact and one of our advisers will be happy to guide you.




Quickly Growing Market Second Charge Loans

Why is second charge lending growing so quickly?

In these hard times of financing it has become more important to be able to complete a deal on time. Second charge lending has grown in status year on year and seems to be going from strength to strength.

Second charge loans deliver funding quickly and efficiently which is something high street and private banks just cannot do when re-mortgaging. A recent survey of borrowers clearly shows one of the most important ingredients in funding a deal is speed of completion and the costs involved. The survey showed that traditional re-mortgaging is taking far too long to get funds released and deals falter due to this reason.

One client interviewed said “I have just taken out a second charge loan on my property and found the process efficient and very fast”. “I would have no hesitation to recommend this type of funding, just make sure you explore all the options open to you by getting professional advice”.

Nowadays there is a vast choice of loans available and it is vital to get the correct one to suit your budget and expectations. With talk of rate raises later this year do check out the fixed deals on offer as this could in the longer term save you money.

Need help?

If you have a financial situation and need clarity of what can be done call us now and we will be very happy to talk things over.