The number of loan applications increased by nearly 22% in the month ending July 2017 compared to the same period last year. There has also been a significant increase in the value of applications for second charges in 2017 compared to 2016.
Our finance director commented “I’m not surprised at these figures as second charge lending has a lot to offer the homeowner”. “If you compare a secured loan to an unsecured loan these figures are more than justified”. “Interest rates are at an all-time low and the diverse types of loans on offer will fit most needs
Increasingly borrowers are seeking alternative finance when a conventional re-mortgage is not suitable. This could be due to the current mortgage having early redemption penalties or the current loan being on an advantageous interest rate you don’t want to change.
When should you consider second charge lending?
Second charge loans can be used for many reasons, such as a deposit for a new property investment, buy-to-let and re-development of an existing property to name but a few.
Many borrowers now are also viewing second charge loans as a simple and a cost-effective alternative to mainstream lending.
Second charges are fast and can complete in a matter of days as opposed to months on a re-mortgage.
Can we assist?
When taking out a new loan you should seek professional advice, we have a team of experts waiting to take your enquiry so please do make contact.