The number of loan applications increased by 28% in the quarter ending September 2018. October November and December continued on the upward trend as consumers become more aware of how a second charge loan could benefit them.
Is it time to reduce expensive debt?
It would seem the UK public are keen to reduce expensive debt (credit cards and un-secured loans) so as to free up monthly funds. The Christmas period always puts extra strain on the household budget, if you decide to act you should be very cautious as to the action you take.
Do seek professional advice as taking out new loans is not always best advice.
Why choose a second charge loan?
- Faster to complete than a traditional re-mortgage.
- Normally less fees.
- Loans are very flexible.
- Ability to retain current mortgage deal if on a low rate.
- Helps the self-employed
- Landlords with buy-to-let mortgages on fixed deals
Choosing a lender
There are an increasing number of second charge lenders entering the market and choosing one can be a minefield, getting professional 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.