For customers who have unconventional modes of income or employment, or those who are locked into fixed-rate mortgages. Also you may have a prohibitive Early-Repayment Charge or wish to borrow at a higher loan-to-value ratio or protect an existing mortgage rate. These are just a few of the scenarios in which re-mortgaging options can often be unsuitable.
Second charge lending plays a vital role in the structure of personal financing and has a very important part to play in the future. This form of funding offers speed and flexibility which high street lenders simply cannot compete with.
Borrowers over the last 2 years have grown in confidence and are using second charge finance for many different uses. The costs of this form of lending have reduced significantly over the past few years, therefore making second charges far more competitive and practical than in the past.
The second charge sector has changed dramatically for the better over the past 5 years as lenders have seen the gap in the market for this type of loan. No longer is a second charge seen as a last option and is now a serious player in the short and long-term lending market.
The industry’s huge growth over the last few years proves homeowners have become aware of the ways this form of loan can help their plans progress. This type of loan is quick to complete, a straightforward case can be finalised in just a matter of days rather than weeks which always help’s the borrower.
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When taking out a new loan you should seek independent professional advice, we have a team of experts waiting to take your enquiry so please do make contact.