Second charge on the up and rising:
Second charge lending activity has seen a definite surge in recent months, driven by record low rates and rising house prices, which have encouraged homeowners to reconsider their finances. So much so, that the number of second charge loan transactions has risen to the highest level seen in over five years.
This highlights the level of motivation to raise capital at the moment, and our own figures back this up. Second charge lending is now a big part of the lending markets with more borrowers considering this type of loan as an alternative to a re-mortgage. Indeed, additional figures from a survey revealed that 7.8% of homeowners in August and September this year applied for a secured loan against their property.
Since the Brexit result a pattern has emerged with homeowners looking to reduce expensive long term debt such as credit cards and unsecured lending. Homeowners are without doubt being more cautious as the immediate future is somewhat uncertain and they see reduced expenses as a major priority.
Second charge loans now have a vast array of choices so if you are considering a loan please ensure you get the right one to meet your needs both in the short and long term.
Can we help?
We have a large number of fully qualified advisers so please do make contact and we will endeavour to find the perfect solution for your needs. https://www.second-charge-loans.co.uk/contact/