Enquiries increasing post Brexit
A recent report has revealed the 2nd charge market has received an “unprecedented” number of enquiries following Britain’s vote to leave the EU.
In a post-referendum outcome it is reported that the uncertainty in the market caused a record number of customers to make new lending enquiries.
It is without doubt the vote that has caused the upturn in enquiries as householders look to stabilize their finances. It seems the public are very keen to reduce the amount of high interest debt within the household, credit cards in particular.
Good news for the borrowers is that lenders are keen to assist and interest rates are remaining stable. Many lenders are increasing their product range to meet the new demand so securing a second charge loan should be straight forward.
A big advantage of second charge lending is the speed of completion which is always an important factor. On average a straight forward case will complete within 25 working days, and in some cases even quicker.
These days the lending market can be a very confusing area. If you are thinking of raising new capital do get the correct advice as there are many options available to most homeowners.
Can we assist?
If you require help with your new loan please do contact one of our fully qualified advisers, they will be happy to guide you in the right direction.