For some borrowers, a second charge mortgage will be a better option than a re-mortgage, so it’s surprising that so many consumers are unaware of what they are and how they work.
There can be several reasons that a second charge might be the preferred option for your new loan. For example, you may not want to extend the term on your current mortgage or lose an excellent interest rate you currently have.
Demand for this kind of loan, particularly when it comes to funding home improvements or debt consolidation has increased substantially over the past 2 years. One thing which is very evident is that consumers have become very aware of just how much they are paying for any unsecured loans they may have.
The vast majority of high street banks and standard lenders still continue to show a reluctance to lend on a second charge basis leaving the door open for the specialist lenders. Second charge finance has provided an invaluable resource to those looking to secure finance for their projects quickly and cost-effectively.
These days there are some many loan options available to homeowners it is very important to get the correct one for your needs. Always seek professional advice before taking out any loan secured on a property you own.
Why choose a second charge loan?
- Faster to complete than a traditional re-mortgage.
- Very attractive interest rates.
- Loans are very flexible.
- Ability to retain current mortgage deal if on a low rate.
- Helps the self-employed
Like to know more?
Our advisers are fully trained and skilled in all areas of lending so please do call us to discuss any requirements you may have.