When should you consider second charge lending?
Second charge loans can be used for many reasons, such as a deposit for a new property investment, buy-to-let and re-development of an existing property to name but a few.
Many borrowers now are also viewing second charge loans as a simple and a cost-effective alternative to mainstream lending.
Second charges are fast and can complete in a matter of days as opposed to months on a re-mortgage.
Want to reduce expensive debt after Christmas?
One of the many advantages of debt consolidation is that when done properly it lowers the total amount of interest you are paying. The idea is to consolidate higher interest debts into a single loan with a lower rate. So, the first question to ask is what makes up the bulk of your debt?
If most of what you owe is on high-interest credit cards, you may be a suitable candidate for debt consolidation. Credit card interest rates can run anywhere from 9% to 35% or more. Debt consolidation loans structured as secured loans against property almost always offer significantly lower rates.
Sometimes interest rates and terms are not the two most key factors for debt consolidation. Sometimes the simple matter of needing more money to pay your monthly bills is the priority. So, your next question is whether you absolutely need a lower monthly payment.
Second charge loans nowadays come in “all shapes and sizes” and there is likely to be one to fit your needs. The crucial thing is to get professional advice as there are so many options open to homeowners.
Can we assist?
When taking out a new loan you should seek professional advice, we have a team of experts waiting to take your enquiry so please do make contact.