Secured Lending Surges On
Secured second charge lending was 39% higher in May and June this year compared to the same period last year. We reported this financial year has started with record levels of applications and this shows no signs of slowing.
Second charge lending has always been in the market place but over the last 2 years this form of funding has grown significantly. Landlords are increasingly turning to second charge lending as it is far more cost effective in the long term and advancement of funds is significantly quicker than a traditional re-mortgage.
There is little doubt lenders have seen the potential growth in this area and they have responded well, offering a good range of flexible loan deals especially to landlords.
In the years gone by if a homeowner wished to raise capital from the equity within their home brokers invariably recommended a re-mortgage. This situation is changing as all parties become more aware of the advantages of a second charge loan. If you are looking to release funds tied up within your property it is strongly recommended to explore this type of loan as you could save a great deal of money.
If you are considering raising funds on your property please do contact one of our fully qualified advisers who will be happy to guide you in the right direction.