Second charge lending hits 7-year high
The second charge loan sector had its best month in seven years, according to a story by Mortgage Strategy.
Research by the Loans Warehouse shows lending hit £53.2m in November, up 12.4% on the £47.4m advanced a year earlier.
Total lending in the first 11 months of 2014 reached £582.2m.
Aaron Strutt, product manager at Trinity Financial, says: “Second charges are loans lodged against properties and they have been getting cheaper. They are typically used by borrowers who have been refused additional finance by their lender. They are often used to pay for tax bills, home extensions, car loans and debt consolidation.”
If you like help to secure a second charge, call Trinity on 020 7016 0790.
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