Have you woken up with a bit of a financial hangover after all that festive spending? Perhaps you’ve got big plans for the year ahead and want a cash injection to fund things, or maybe you need a new car or home appliance to get the New Year off to a great start? Well, whatever […]
Christmas has only just passed and we are seeing second charge lending approvals rising rapidly. Homeowners are keen to clear the festive debt accumulated as quickly as possible. Second charge lending rates remain at record lows. There is a growing feeling among existing UK homeowners that the first rate rise for a very long time […]
It has always been more difficult for self-employed people to get a mortgage compared to salaried employees. For that matter, 2nd charge loans have historically been somewhat harder to obtain for the self-employed as well. At the heart of the issue is a tendency among self-employed individuals to not be able to satisfy loan companies […]
The second charge loans industry has seen massive growth over the past few years, given it used to be a much less visible sector of the lending market. The facts are the second charge loan market grew by 31% in 2016, with the total size of the sector reaching record levels. What is even more […]
A second charge loan, often simply referred to as second mortgages, are a secured loan used to raise extra money instead of re-mortgaging or taking out a personal loan. A new survey from specialist lenders has found that 76% of consumers do not know what a second charge mortgage is, resulting in homeowners missing out […]
A recent survey has reported that fallout from Brexit has had little effect on the second charge lending market as 65% of loan applications resulted in an offer in Q3 2016 – up from 31% in Q2 2016. The proportion of offers that subsequently resulted in a completion also increased to 78% in Q3, from […]
On the up again: The value of second charge lending has jumped by 23% in the last two months which is the biggest increase for many years. Figures show, second charges in September was at a post-Brexit low and the October figure is the highest since November 2008. It also represents an overall annual increase […]
Second charge rates are down: Second charge lending is growing in stature day by day and is now a very serious alternative to the once traditional re-mortgage. With the Christmas period coming up experts are predicting large volumes of new business in the new year. In the past a second charge loan was seen as […]
The last three years has seen second charge lending increasing in stature as homeowners become aware of the huge cost of the “pay day loan”. For many years this form of loan was something clients only did as a last resort due to the high costs compared to a re-mortgage. This has changed dramatically recently as […]
Second charge business has increased since the Brexit vote according to two thirds (65%) of mortgage brokers. This form of lending is becoming more and more poular as borrowers and brokers alike see the longer term benefits. Three quarters (73%) of brokers expect gross second charge lending to continue to grow well into 2017 and […]