A recent survey of lenders has shown second charge loan interest rates are decreasing, this is no doubt due to the competition within this fast-growing market. Lenders are keen to secure new business and this is driving rates and fees downwards. More lenders are finding ways of attracting business and this is often reflected in the charges, which means it is worth shopping around for the most favourable deal. It’s a very good time to be a borrower at present with such low rates on offer, also applications are completing much quicker than years gone by.
Second charges have many plus points especially if your first charge loan is a fixed or a beneficial tacker deal. It is very wise to seek professional help these days if you are looking to take out a new secured loan as the options are vast.
Speed of completion
Last year saw a significant reduction in the time it takes to complete a second charge loan, more good news for the borrower. On average a lender estimates to complete on a “clean case” within 28 days and on some occasions this can be even quicker.
This form of loan is growing in stature all the time and is now a very serious alternative to a traditional re-mortgage which will never complete as quickly.
Need to know more?
If you are looking for more information regarding second charge lending please do call one of our fully trained advisers. We are here to help and look forward to being of assistance.