Second charge loans can be used for many reasons, such as a deposit for a new property investment, buy-to-let and re-development of an existing property to name but a few.

Many borrowers now are also viewing second charge loans as a simple and a cost-effective alternative to mainstream lending.

Second charges are fast and can complete in a matter of days as opposed to months on a re-mortgage.

Want to reduce expensive debt after Christmas?

One of the many advantages of debt consolidation is that when done properly it lowers the total amount of interest you are paying. The idea is to consolidate higher interest debts into a single loan with a lower rate. So, the first question to ask is what makes up the bulk of your debt?

If most of what you owe is on high-interest credit cards, you may be a suitable candidate for debt consolidation. Credit card interest rates can run anywhere from 9% to 35% or more. Debt consolidation loans structured as secured loans against property almost always offer significantly lower rates.

Sometimes interest rates and terms are not the two most key factors for debt consolidation. Sometimes the simple matter of needing more money to pay your monthly bills is the priority. So, your next question is whether you absolutely need a lower monthly payment.

Second charge loans nowadays come in “all shapes and sizes” and there is likely to be one to fit your needs. The crucial thing is to get professional advice as there are so many options open to homeowners.

Can we assist?

When taking out a new loan you should seek professional advice, we have a team of experts waiting to take your enquiry so please do make contact.

The biggest growth area of loans is to the self-employed and buy-to-let landlords, the good news is there are many different plans to suit each individual case. Loans can be fixed for various terms which can give peace of mind or you may wish to just take the standard variable rate.

This is a rapidly expanding area of lending and products are increasing to match the demand. Borrowing money these days is a complex issue and it is vitally important to get the right one that meets your needs in both the short and long term. It is always recommended to seek professional advice when taking out any form of loan.

Speed of lending is always a key issue for borrowers and a straightforward case can complete in approximately 15 working days, lenders are dedicated to reducing this time which has to be good news all round.

Different lending plans emerge daily, and this can only be good news for the borrower. Interest rates and fees are reducing as well, lenders see this market as a growth area in the longer term.

Who qualifies

1. Home owners
2. Self-employed owning property
3. Landlords with buy-to-let mortgages

Need some assistance?

If you think this type of loan could assist you in your future planning it is very important to ensure you get the correct deal to suit your needs. There are many different lenders offering numerous second charge loans so please do call our fully qualified advisers who will be happy to help you select the correct loan for you.