Second charge lending has many uses and one of the advantages of this type of loan lies in its flexibility.
It may be the case that those who need to raise funds are not aware they can do so through a second charge which is, of course, where advisers and brokers come in. This type of lending can be suitable for a far wider range of situations than many realise.
There are some very clear benefits a secured loan can offer when used correctly, which could well improve borrowers long-term financial prospects. Although consolidating debt is not always the right answer, a secured loan is often a suitable option given the lower interest rate charged when compared to an unsecured loan.
Loan choices increase
It is, without doubt, secured lending popularity is increasing daily. Second charge mortgage completions have increased at a rapid rate over the last 3 years since regulation.
This type of lending is quick and easy if you own a property, lenders are increasing their product portfolios at a rapid rate. An average case when presented will complete in approximately 15 working days and sometimes even less. As you can see this is so much quicker than the standard re-mortgage.
Always seek professional advice as to its suitability for your needs.
We are seeing different lending plans emerge on a monthly basis and this can only be good news for the borrower. Interest rates and fees are reducing as lenders see this market as a growth area in the longer term.
Need some help?
Please don’t hesitate to contact if you require any assistance raising funds, one of our advisers will be happy to assist.