Second charge loans are a serious alternative if you need to raise funds
The last ten years has seen this type of lending increasing in stature as homeowners become aware of the huge cost of the so called “pay day loan”.
For many years a second charge loan was something clients only did as a last resort due to the high costs compared to a re-mortgage. This has changed dramatically recently as lenders have recognised the potential this type of lending has.
Second charge loans are quick and normally a lot cheaper to set up than a standard re-mortgage.
Before you decide to re-mortgage do take time to explore the benefits this form of lending can offer. Second charges will not suit every situation, but it is worth getting professional advice to see if this could help you.
Most common reasons for a second charge loan:
- Want to consolidate outstanding loans and credit cards
- Want to carry out home improvements
- Are self-employed and wish to raise finance for one of the above
Second charge lending has a bright future and getting stronger all the time
Second charge lenders in the UK are positive about the future with the majority expecting this sector of the mortgage industry to grow, according to a new survey.
The upbeat outlook from the lenders suggests that the use of second charge loans as a financial tool for homeowners to raise capital is becoming far more established.
Can we help?
If you would like more information on how this type of loan could help you please do contact and one of our independent advisers who will be happy to assist.