The number of loan applications increased by nearly 23% in the quarter ending December 2018 compared to the Q3 ending September 2018. This year has continued on the upward trend as consumers become more aware of how a second charge loan could benefit them.
It would seem the UK homeowners are very keen to reduce expensive debt (credit cards and un-secured loans) so as to free up monthly funds.
Benefits of second charge lending?
- Faster to complete than a traditional re-mortgage.
- Normally less fees.
- Very attractive interest rates.
- Loans are very flexible.
- Ability to retain current mortgage deal if on a low rate.
- Self-employed and contract workers
Choosing a lender
There are an increasing number of second charge lenders entering the market and choosing one can be a minefield, getting professional independent help selecting is highly recommended.
A broker will take time to understand your needs and be able to place your application with the lender matching your requirements. This is vital as selecting the wrong loan or lender could be very expensive in the long term.
Like too know more?
Our advisers are fully trained and skilled in all areas of lending so please do call us to discuss any requirements you may have.