A survey recently conducted has reported the fallout from Brexit and now Covid-19 has had little effect on the second charge lending market as 68% of loan applications resulted in an offer this financial year. This figure is 24% higher than the same period last year.
The proportion of offers that subsequently resulted in a completion also increased to 80% this year compared to 71% last year. Brokers also experienced a significant 3% jump in the number of second charge enquiries they received than last year.
Research also found that the Brexit outcome has not significantly affected the flow of customers through the overall second charge approvals process. It would seem the UK public have taken Brexit onboard and now dealing with Covid-19.
This form of lending is now hitting all the predicted levels from two years ago, as homeowners take advantage of the low loan rates on offer. The survey also stated importantly that borrowers much prefer this form of lending to the unsecured alternative.
A second charge loan is a serious alternative to a re-mortgage, with so many options open to the borrower it is highly recommended to seek professional advice. The lending market is a very confusing area for most borrowers so do seek advice from an independent broker as they will have access to all products available.
Can we help?
If you would like to know more about second charge lending and how it could assist you do make contact and one of our independent advisers will be happy to guide you.