July 2020 saw the second charge mortgage market have its fourth consecutive month of growth, with new business up 19% by value and 14% by volume.
Second charge mortgages can be particularly useful when a homeowner wants to raise additional funds but does not want to change their existing first mortgage – especially where this involves additional costs. They are regularly used to fund home improvements.
The second charge market is performing very strongly, with four consecutive months of growth highlighting the sectors robustness. Consumers and investors have been hit by Brexit and now the Coronavirus, this has not been helped with more recent bad news about a resurgence of Covid-19.
However, this doesn’t seem to have deterred borrowers looking for alternative routes of financing.
The second charge market offers speed and flexibility coupled with very competitive interest rates, its little wonder consumers are taking to this route of financing.
With the market continuing to accelerate, it’s very important that awareness and availability of second charge loans improves among brokers and consumers alike to help them secure the most suitable financing.
If you would like to know more about the second charge market and how it could potentially help you please do make contact.