This year has seen a significant decrease in completion time for second charge loans which is great news for the borrower. Lenders have seen their market share grow at a rapid rate as more clients need to complete their financing quicker than the traditional methods on offer. A straight forward case is now completing in 15 workings days on average.
This is very good news for borrowers as delays can cost money. Completions have seen a 22% reduction in time since the start of the year and lenders are looking at ways to reduce even more.
Second charge loans deliver funding quickly and efficiently which is something high street and private banks just cannot do when re-mortgaging. A recent survey of borrowers clearly shows one of the most important ingredients in funding a deal is speed of completion and the costs involved. The survey showed that traditional re-mortgaging is taking far too long to get funds released and deals falter due to this reason.
A new borrower in the Kent area said, “I have just taken out a second charge loan on my property and found the process efficient and very fast”. “I would have no hesitation to recommend this type of funding, just make sure you explore all the options open to you by getting professional advice”.
Nowadays there is a vast choice of loans available and it is vital to get the correct one to suit your budget and expectations. With talk of rate rises do check out the fixed deals on offer as this could in the longer term save you money.
A second charge loan in days gone by was seen as a very expensive option to raise money. This situation has changed dramatically, so if you are a homeowner looking to raise funds this could be the solution you require.
It is vital to get professional assistance when choosing the correct loan to suit your needs as there are so many different options.
Our advisers are fully trained and skilled in providing you with a professional fast service to meet all your financing needs. Please do call us to discuss your requirements.