A second charge mortgage is a loan borrowed against your home, on top of your existing mortgage. As the second charge is secured against your property, you need to have sufficient equity in your home to support the loan. If you were ever to default on your repayments and have your home repossessed and sold, […]
Have you woken up with a bit of a financial hangover after all that festive spending and the Covid-19 problems? Perhaps you have got plans for the year ahead and want a cash injection to fund things, or maybe you need a new car or home appliance to get the New Year off to a […]
It is without doubt that secured lending popularity is increasing on a daily basis. Second charge mortgages have increased month on month and continue to do so. Before you take out a loan of any kind make sure you check whether this form of lending could help you. Unsecured lending (payday lenders) is so expensive […]
The latest data released has revealed that the average value of a residential property across the country is at an all-time high. This information puts the homeowner in a strong position if they are contemplating raising finance and using the home as security. Homeowners have choices if they wish to raise capital, they could re-mortgage […]
2020 saw a sharp rise in the number of homeowners looking to utilise a second charge loan to consolidate their expensive long-term unsecure debt. This notable growth in the level of household debt, alongside record low rates on second charge products, are combining to boost demand for second charge loans. 2021 has seen the trend […]
There has been a flurry of activity in the second charge loan sector recently as lenders look to re-price their products downwards. We are pleased to inform you second charge loans are at their lowest rates the sector has ever seen. Great news for borrowers indeed, this is without doubt one of the contributing factors […]
Second charge mortgages are becoming a progressively more competitive way for borrowers to raise funds on their existing property, and product innovation means that there are more ways for clients to access a second charge mortgage. For example, a growing number of landlords are choosing to raise capital with a second charge on a buy-to-let […]
For customers who have unconventional modes of income or employment, or those who are locked into fixed-rate mortgages. Also you may have a prohibitive Early-Repayment Charge or 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 […]
Second charge lending is fast becoming a sound and solid way for homeowners to put their finances back in order. The majority of people are becoming very wary of the so called “pay day” lenders. Second charge lending has always been in the marketplace but over the last 5 years this form of funding has […]
Why would one opt to take the second charge route rather than re-mortgage? Lots of reasons actually. For example, many customers have a really good first mortgage deal, maybe a great fixed or tracker rate that they don’t want to give up. Taking a second charge at a higher rate may mean that the blended […]