There has been a flurry of activity in the second charge loan sector recently as lenders look to re-price their products downwards. We are pleased to inform you second charge loans are at their lowest rates the sector has ever seen.
Great news for borrowers indeed, this is without doubt one of the contributing factors to second charge’s rapid growth over the last five years. This type of loan has been getting less expensive as competition for business intensifies, plus new funding sources are coming into the market rapidly.
Lenders are now looking for ways to attract more business and we are now seeing a lot of new offers creeping into this expanding form of lending.
Speed of funding is crucial
We are always asked with virtually every case we do “how quickly can this be done”. The answer is every case will vary due to the complexity of the deal. The average time currently to complete on a “straight forward loan” is 18 working days.
To help complete the case quickly clients should follow these golden rules.
Good fast communication.
Online contact details.
Return applications rapidly.
Easy access to the property for the survey.
Need some advice
If you require assistance with your next loan please do call one of our expert independent advisers who will be happy to help.