Why is there such rapid growth for second charge mortgages?

In these challenging times of financing it has become more important to be able to complete a deal within a set timescale. Second charge finance has grown in status year on year and is going from strength to strength since regulation.

A second charge delivers funding quickly and efficiently which is something high street and private banks just cannot do at a competitive rate.

A recent survey of homeowner’s clearly shows one of the most important ingredients in funding a deal is speed and ease of completion. The survey also discovered that traditional lenders are taking too long to get funds released and deals falter due to this reason.

A second charge can be secured on a property and “sits” behind any first charge mortgage both on private and buy-to-lets. A loan without complications can be completed within 14 working days which is considerably less than a re-mortgage.

If you are thinking of reviewing your finances do consider a second charge if a loan is required. Interest rates and conditions are very competitive when compared to a traditional mortgage.

There is little doubt second charge lending has had its most successful year. The good thing about this is the lenders have taken this on board by expanding products to meet the challenges.

These are indeed very progressive times for the second charge finance market as the industry looks forward to 2020 and beyond.

Would you like to discuss your funding needs?

If you wish to raise a loan secured on a property you own please do make contact and one of our independent advisers will be happy to assist.