Second charge loans continue to grow rapidly

The second charge loan industry has seen massive growth over the past few years and it continues to grow.

The facts are the second charge lending market grew by 34% in 2016, with the total size of the sector reaching record levels of lending. 2017 is following the same trend with loan applications and completions up again on last year’s impressive figures.

The industry’s huge growth shows borrowers have become more aware of the ways second charge lending can help solve debt problems quickly and efficiently.

As the second charge sector continues to build on its successes, we are seeing lenders producing more new products to assist the borrower.

Recent surveys show homeowners when raising funds see speed of completion as a major factor. The industry has noted this and worked very hard to reduce lending times and now the average completion can happen within four weeks. This is a big step forward and goes to prove the lenders take this form of lending very seriously.

With the Brexit talks looming it appears the majority of homeowners want to consolidate any expensive debt they may have as experts are predicting very unsettled times ahead.

Can we help you?

If you require more information of how a second charge loan can help you, please contact us and we will be happy to assist.