We are living in very strange times and many things are not clear, if you are looking to raise funds as and when this crisis is over it is strongly recommend getting the “ball rolling” sooner rather than later.
All experts are predicting there will be a huge surge of lending applications later in the year, so getting your requirements in place now would be a sensible move.
Second charge lending delivers much quicker
Second charge lending continues to grow in stature month on month as homeowners look for loans at affordable rates.
Homeowners are becoming very aware of the costs associated with unsecured lending and the so called “pay day lenders”.
A recent survey taken from 1000 homeowners clearly shows speed of completion is a key factor when taking out a new loan. Obviously the costs and interest rates were very high on the list of wants but speed was very important also.
One of the big appeals of a second charge loan is it meets all the surveys key facts such as costs and speed. On average a second charge loan is completed within 15 working days, this does of course vary dependant on the complexity.
The last financial year has also seen a significant reduction in set up costs plus interest rates are at the lowest ever recorded.
Lenders have seen their market share grow at a rapid rate. They have been quick to recognise the importance of speed in completing a deal as competition increases. One major lender commented “The last 12 months has seen huge changes within the second charge market with faster completions being a key factor to winning business”.
There is no doubt second charge lending has had its most successful year, the good thing is lenders have taken this on board and reacted positively to meet the challenges.
Need some assistance
If you think this type of loan could assist you with your future planning make sure you get the right one to suit your needs. There are many different lenders offering numerous second charge loans so please do call our independent advisers who will be happy to help.