More to offer second charges: A recent survey has revealed 84% of brokers around the country plan to include second charge lending in their advice process this financial year. This change of tact has been brought on by Mortgage Credit Directive’s (MCD) rule changes recently introduced. The new MCD will require brokers to mention the […]
Second Charge loans completing quicker: The time it takes to complete on a second charge loan has reduced significantly following the removal of the 16 day cooling off period. Within the industry it is believed the new rules applicable to second charge lending have helped improve the customer perception by removing out of […]
Second charge lending booming: The value of second charge lending issued in February of this year rose by 40% year on year to £81m, according to figures just released from the Finance and Leasing Association (FLA). The FLA report states £887m of second charge loans were written in the year to February which is up […]
Second Charge Approvals: Brokers and lenders alike have welcomed the Bank of England’s latest figures showing second charge lending hitting an all-time high in March. These figures are partly down to the rush of buy-to-let landlords increasing their portfolios before the stamp duty changes took effect. New and existing buy-to-let investors raised the required deposit […]
Second charge rates reduce For the time being mortgage interest rates are likely to remain at their all-time lows. If you are considering a new or re-mortgage now could be the time to make your move as things could be changing in the near future. Second charge loan interest rates are falling all the time […]
Second charge potential Although secured loans have had an increased profile in recent years, there are still some brokers who are not fully aware of their potential. However, recent figures just released show these numbers are dwindling all the time. Second charge loans can be a very useful facility for managing overspending and […]
Mortgage prisoner: Interest-only and older mortgage borrowers have found themselves prisoners of their own mortgage lender. Borrowers in this category are turning to a second charge loan as a solid alternative to re-mortgage as a way of raising cash. Figures show that there are currently 2.8 million people with an interest only mortgage and the […]
New era of lending: The second charge loan market has recently been hitting the headlines revealing a 5 year high lending figure which topped 1bn last year. In years gone by the processes for first and second charge mortgages have been very different and this proved confusing to most people. Borrowers clearly did not fully […]