Second charge loans can be a very useful facility for managing overspending and could help resolve debt problems that may have built up over the years. Christmas time always brings extra stress on the family budget, a second charge low cost loan could help elevate some of these problems.
So, if you are thinking of reviewing your borrowing it would be a very good idea to consider a second charge. Please be aware this type of funding will not suit everybody and it is strongly advised to seek professional help before making a final choice.
For those borrowers on a favourable mortgage deal with the first charge lender, they can keep that deal and use a second charge loan to pay off or consolidate their other debts.
Second charge loans in the majority of cases will complete much quicker than a re-mortgage which can prove vital in certain circumstances.
There are some very clear benefits a secured loan can offer when used correctly which could well improve the customer’s long term financial prospects. Although consolidating debt is not always the right answer, a secured loan is often a suitable option given the lower interest rate charged when compared to an unsecured loan.
There is little doubt that this form of lending will continue to grow as it has done over the last few years. The majority of borrowers are waking up to the fact that unsecured lending is far too expensive both in the short and longer term.
We have a team of fully experienced advisers waiting to assist you. Please do make contact and start to repair your finances for 2018.