Second charge lending speeds up
Second charge lending continues to grow in stature month on month as homeowners look for loans at affordable rates.
A survey recently taken from 5000 homeowners clearly shows speed of completion is a 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.
Survey facts in order of priority
- Monthly cost, interest rate
- Speed of completion
- Set up charges
- Ease of application
- Early redemption fees
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. This financial year has also seen a significant reduction in set up costs plus interest rates are at the lowest ever recorded.
Second charge 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. One major lender commented “The last two years has seen huge changes within the second charge market with faster completions being a key factor to winning business”.
There is no doubt second charge lending has just had its most successful year, 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 qualified advisers who will be happy to help.