Second charge loan costs reducing

The costs of second charge finance in 2019 is likely to be less expensive than last year, great news for the borrower indeed.

Interest rates and fees have reduced significantly over the last six months as finance companies battle for a slice this ever-growing market. The market is also seeing new incentives added to packages including assistance in funding any survey costs that may be required. These measures are normally reserved for the main mortgage market, but there are far more offers creeping into the “seconds” sector.

2019 got off to a flyer as more and more people see this type of financing as a very efficient way to go forward. Brokers up and down the country are reporting clients wanting to seek alternative ways to raise extra funds than the traditional re-mortgage.

With the promise of quicker completions from the lenders the “seconds” market most certainly looks to have a strong and ever-growing future.

If you are contemplating raising finances in the near future it would do no harm to find out whether this type of funding could assist you. Second charge lending has become a cost-effective alternative to re-mortgaging, completing quicker and in most cases have far cheaper set up costs.

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