Second charge lending continues to grow in stature month on month as homeowners look for loans at affordable rates.
A recent survey of homeowners looking to borrow found in order of priority:
- Monthly cost, interest rate
- Speed of completion
- Set up charges
- Ease of application
- Early redemption fees
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 15 working days, this does of course vary dependant on the complexity. This financial year has also seen a significant reduction in set up costs plus interest rates are at the lowest ever recorded.
Second charge lenders have been quick to recognise the importance of speed in completing a deal as competition increases.
There is no doubt second charge lending has just had its most successful year, the good thing is lenders have taken this on board and reacted positively to meet the challenges.
Borrowing money these days is a very complex issue, a second charge loan could be just what you need but please do understand it may not suit every need. Best advice is to seek professional independent advisor assistance.
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 qualified advisers who will be happy to help.