The second charge mortgage market must keep pushing the education message if it wants to continue to progress
Second charge loans are still increasing but not at the rates all experts had predicted. It’s a niche market of course, but it needs to be a bigger niche market. The influx of business all expected post-MCD has not happened and there is a need to do a better job in terms of educating the consumer. For some it’s still seen as a loan of ‘last resort’ and that should not the case.
All agree that second charges could fill a vital function: a second charge mortgage is a good way to help with debt consolidation; Saving money in both the long and short term if used correctly.
It seems there is a hangover with second charges in that they are viewed as expensive products, which they are not compared to unsecured alternatives.
Second charge loans are very flexible these days and offer a vast range of products to suit the majority of needs.
Before you take out a loan do seek professional advice as to what loan would suit your needs. The range of secured loans is daunting if you are not an expert and making a mistake with the wrong one could be very costly.
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