Entries by 2nd Charge Loans

Continued growth

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 […]

Second charge the better alternative for your loan?

The second charge loan market has recently been hitting the headlines revealing 3-year high lending figures breaking all recent records. In years gone by the processes for first and second charge mortgages had been very different, and this proved confusing to most people. Borrowers clearly did not fully understand how a second charge loan worked […]

Homeowners are using second charge loans more and more

More and more borrowers are turning to second charge loans as mortgage companies tighten controls on borrowing. Figures just released for the last quarter show “seconds” increasing to homeowners by 21% on the previous year, these increases are likely to be down to tighter controls from high street banks and other traditional lenders. Brokers up […]

Is this a loan that could help you?

For some homeowners including landlords a second charge mortgage will be a better option than a re-mortgage, so it’s surprising that so many consumers are unaware of what they are and how they work. There can be several reasons that a second charge might be the preferred option for a loan you may be considering. […]

Second charge loans are getting a bigger audience these days

The buy-to-let second charge market provides a range of solutions for borrowers who have perhaps been refused a mortgage by their current lender or high street bank. Popular second charge lenders are often more flexible in their application criteria and can step in where applicants do not meet the normal mainstream lenders criteria. Landlords can […]

Why would you consider a second charge mortgage?

There are a number of reasons to apply for a second charge mortgage and they include. Debt Consolidation Home improvements/extensions Helping with University fees Helping your family with a deposit for their first home Buy-to-let property purchase Children’s tuition fees Payment of a tax bill Who can apply for a second charge mortgage? A second […]

15 months of continued growth.

The second charge mortgage market continues to grow with the value of new business reaching £116 million in November 2019, figures from the Finance & Leasing Association (FLA) show. This is a rise of 17% from November 2018 with the number of new agreements rising by 14% to 2,594. In the 12 months to November […]

Second charge lending has increased!

Second charge lending has increased in the last twelve months, plus the number of homeowners taking out these specialist mortgages increasing by nearly a quarter. The value of new business in this area of the mortgage market went up by 25.8% to £111 million in February 2020, according to new figures. Meanwhile, the number of […]

Why is there such rapid growth for second charge mortgages?

In these challenging times of financing it has become more important to be able to complete a deal within a set timescale. Second charge finance has grown in status year on year and is going from strength to strength since regulation. A second charge delivers funding quickly and efficiently which is something high street and […]

Home improvements and the second charge

Second charge lending has always been a popular choice for people carrying out home improvements. In many instances, where the improvements are likely to result in a significant increase in the house price, it can be beneficial to take a second charge mortgage to pay for the work and then re-mortgage at the higher property […]