Second charge loans continue to grow rapidly

The second charge loans industry has seen massive growth over the past few years, given it used to be a much less visible sector of the lending market.

The facts are the second charge loan market grew by 31% in 2016, with the total size of the sector reaching record levels. What is even more astonishing when you realise that the second charge finance industry has nearly tripled in size over the past four years.

The rate of growth is now slowing down somewhat, which is understandable as greater awareness of the industry and the options it provides is now clearer to homeowners. Having said this, it is also clear many homeowners are still unaware of how a second charge loan works and how it could help them.

It is recommended if you are considering raising secured finance to get professional advice as to which product is best suited to your needs. This type of funding is so much quicker to complete than a traditional re-mortgage and in many cases far more cost effective.

As this market sector continues to build on its successes we are seeing lenders producing more new innovative products to assist the borrower. These are indeed very exciting times for the second charge industry as it looks forward to 2017 and beyond.

Can we help?

If you require more information of how second charge loans can help you, please call us and we will be happy to assist.