Second charge lending completing faster than ever before

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 month as homeowners look for loans at affordable rates. Homeowners are becoming very aware of the costs associated with unsecured lending and the so called “pay day lenders”.

One of the big appeals of a second charge loan is it meets all the surveys key facts such as costs and speed.

On average a second charge loan is completed within 15 working days, this does of course vary dependant on the complexity. 2019 has seen a significant reduction in set up costs plus interest rates are at the lowest ever recorded.

Lenders have seen their market share grow at a rapid rate. They have been quick to recognise the importance of speed in completing a deal as competition increases.

There is little doubt second charge lending has had its most successful year in 2018, the good thing is lenders have taken this on board and reacted positively to meet the challenges.

Need some assistance

If you think this type of loan could assist you with your future planning make sure you get the right one to suit your needs. There are many different lenders offering numerous second charge loans so please do call our advisers who will be happy to help.