Second charge mortgage business volumes grew in the first three months of the year, according to figures published by the Finance & Leasing Association.
It said that £195m was lent in second charge mortgages in the first three months of this year, which was10% more than the same period last year.
In terms of sales volumes, there were 4,522 second charge loans lent to borrowers, 14.6% up on a year earlier.
What are second charge mortgages?
The mortgages are taken out by borrowers to run in addition to their existing mortgage and can be a useful way to raise funds without disturbing your current deal, or to consolidate debt.
They usually have a shorter term than a mortgage and are similar to personal loans. However, unlike high street or unsecured loans, second charge mortgages are secured against your property. As the loan is secured against a property it is likely interest charged will be less than an unsecured loan.
Helpful for the self employed
If you are self-employed and have a current mortgage a second charge loan could be just the help you are looking for. Second charge loans are fast to complete and far more flexible than any re-mortgage. A second charge loan offers a quick affordable solution to raising cash secured on your home.
Why choose a second charge loan?
- Faster to complete than a traditional re-mortgage.
- Normally less fees.
- Very attractive interest rates.
- Loans are very flexible.
- Ability to retain current mortgage deal if on a low rate.
- Helps the self-employed
Like too know more?
Our advisers are fully trained and skilled in all areas of lending so please do contact us to discuss any requirements you may have.