Alternate lending to re-mortgaging

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 a very expensive alternative compared to other lending, but not anymore.

Lenders are increasing the loans on offer and now there is a loan to suit the majority of cases. Interest rates have fallen significantly over the last two years and are now very much in line with any standard rate mortgage.

Another major advantage of second charge lending is the speed of completion. A standard re-mortgage can take months to complete were as a second charge loan can be completed in a matter of days. The average now for a straight forward case in 26 working days and is reducing all the time. A second charge loan can be a great deal less expensive to set up as the majority of cases do not require a solicitor’s involvement.

This form of loan will not suit everybody but it is without doubt worth exploring with the help of a qualified adviser. The choice of loans open to the majority of homeowners is vast and it is vital to get the correct one to suit your needs.

Need some assistance?

If you think this form of loan could assist you in your future planning it is very important to ensure you get the correct advice. There are many lenders offering numerous second charge loans, please call one of our advisers who will be able to guide you in the correct direction.