Customers who have unconventional modes of income or employment, or those who are locked into fixed-rate mortgages with prohibitive Early-Repayment Charges who wish to borrow at a higher loan-to-value ratio or protect an existing mortgage rate. These are just a few of the scenarios in which re-mortgaging options can often be unsuitable. Prior to the […]
The number of loan applications increased by nearly 23% in the month ending April 2019 compared to the same period last year. There has also been a significant increase in the value of applications for second charges in 2019 compared to 2018. Our finance director commented, “I’m not surprised at these figures as second charge […]
The number of new second charge agreements rose by 31% year-on-year to reach 2,392 in April, the Finance & Leasing Association (FLA) has found. In April there was £108m worth of new second charge business, up 25% year-on-year. In the four months to April, the value of new second charge business was £292m, an increase […]
A second charge mortgage (secured loan) is a loan that allows you to use the equity (difference between what you owe and its value) within your property as security and it effectively sits on top of your existing mortgage. Usually this second loan would be arranged via a different lender to your existing mortgage, there […]
Second charge loans are widely available through specialist lenders, yet this latest research suggests it’s only the minority of people who explore them as an option when looking at ways to raise money. Awareness has improved over the last 2 years, but borrowers still are unsure as to the benefits. Of the minority who were […]
A recent survey taken from varying types of homeowners clearly shows speed of completion is a very key factor when taking out a new loan. Obviously the costs and interest rates were very high on the list of wants but speed was very important also. Second charge lending continues to grow in stature month on […]
Have you woken up with a bit of a financial hangover lately? Perhaps you’ve got big plans for the year ahead and want a cash injection to fund those plans, or maybe you need a new car or home appliance? Well, whatever your reasons for needing a loan, you can now snap one up for […]
The latest figures from the Office for National Statistics show self-employment is at its highest point since records began over 40 years ago, this means nearly 17% of UK workforce is now self-employed. This ever-increasing sector of the UK workforce is probably the most in need of specialist lenders. A large number of high-street lenders […]
The second charge mortgage market experienced a rise in new business volumes of 24% in February, according to the Finance & Leasing Association. It recorded 2,163 new second charge mortgage agreements over the month worth £98m. In February, the second charge mortgage market reported its strongest rate of new business volumes growth since May 2017. […]
Second charge lenders have seen a 12% rise in mortgage activity during Q4 2018, compared to the same period in 2017, due partly to a surge in seconds being used for tax bills. Of particular note was the fact that roughly 25% of the total loans arranged were partly or fully being used to cover […]