Second charges grow rapidly

The second charge loan industry has increase rapidly over the last 2 years setting numerous records along the way for business conducted.

The facts are the second charge loan market has rapidly increased by a massive 31% in 2016, with the total size of the sector reaching record levels. What is even more astonishing when you realise that the second charge lending market has nearly tripled in size over the past four years.

2017 is following the same trend with loan applications and completions up by a further 9.7% on the year to date.

The vast majority of high street banks and standard lenders still continue to show a reluctance to lend on a second charge basis leaving the door open for the specialist lenders. Second charge finance has provided an invaluable resource to those looking to secure finance for their projects quickly and cost effectively.

The industry’s huge growth shows consumers are becoming aware of the ways second charge loans can help their financial situation.

As the second charge sector continues to build on its successes, we are seeing lenders producing more new products to assist the borrower. These are very exciting times for the industry as it looks forward to 2017 and beyond.

Like to know more

If you require more information of how a second charge loan can help you please call us and we will be happy to assist. We have fully qualified advisers waiting to take your call.