Expanding options with Second charge loans
New types of loans make second charge lending a very serious player in the lending market as client confidence grows. Over the last 24 months, interest rates have reduced considerably making this type of loan a very serious option to a re-mortgage.
New lenders entered the second charge market in 2016 and this pattern has continued into 2017. Existing lenders are not holding back either as a vast array of new loan choices hit the marketplace in this ever-growing area of flexible lending.
Adverse credit
In the past, many people who applied were declined due to adverse credit. New age lenders are now assessing clients based on their current situation and not what has happened in the past. This is certainly good news for the borrower as lenders wise up to the potential this type of lending has. No longer are clients punished for a poorer than normal credit rating as in the past.
What loan types?
New loan deals are coming onto the market rapidly and it is advisable to get professional help when selecting one for your needs.
- Fixed rates for 2,3 and 5 years
- Tracker rate
- Standard variable deal
- Other discounted
Loan type features
- Residential and buy-to-let
- Can be cheaper than a re-mortgage
- First charge loan not affected
- Low set up fees
- Low interest rates
- Speed of completion
- No redemption fees (selected loans)
Help required?
If you would like more information please make contact and one of our fully qualified advisers will be happy to assist.