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 secured against the equity within the property and this fact alone makes the interest rate very affordable. An average case presented will complete in approximately 16 working days and sometimes even less.
As you can see this is so much quicker than the standard re-mortgage, please do keep in mind this type of loan is not always suitable for all situations.
Different and more flexible lending plans emerge on a monthly basis and this can only be good news for the borrower. Interest rates and fees are reducing as lenders see this market as a growth area in the longer term.
The biggest growth area of loans is to the self-employed and 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. It is vitally important you research the market to get the best plan to meet your needs, not only now but in the future.
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 independent advisers who will be happy to help you secure the correct loan for you.