Second charge lending continues to grow in stature month on month as homeowners look for loans at affordable rates. Homeowners are becoming very aware of the costs associated with unsecured lending and the so called “pay day lenders”.
A recent survey taken from over 1000 borrowers clearly shows speed of completion is a key factor when taking out a new loan. Obviously, the costs and interest rates were very high on the list of wants but speed was very important.
One of the big appeals of a second charge loan is it meets all the surveys key facts such as costs and speed. On average a second charge loan is completed within 16 working days, this does of course vary dependant on the complexity. This fiscal year has also seen a significant reduction in set up costs plus interest rates are at the lowest ever recorded.
Lenders have seen their market share grow at a rapid rate. They have been quick to recognise the importance of speed in completing a deal as competition increases.
As second charge lending increases in popularity so does the product range, lenders have widened their range of loans and it’s likely there will be one to suit your needs.
There is no doubt second charge lending has had its most successful year in 2017, the good thing is lenders have taken this on board and reacted positively to meet the challenges.
If you are looking to refinance or raise capital for a new venture due consideration should be give to a second charge loan. Please do be aware this type of funding will not suit everybody and it’s recommended to seek professional advice.
Need some assistance
If you think this type of loan could assist you with your future planning, make sure you get the right one to suit your needs. There are many different lenders offering numerous second charge loans so please do call our advisers who will be happy to guide you.