Second Charge Mortgage Volumes Rise

Wednesday, September 28th, 2022

As the UK has emerged from the Covid pandemic, the second charge lending market has continued to strengthen and grow.

Recent reports by the Finance and Leasing Association (FLA) suggest that in June 2022 second charge mortgage lending was up by twenty-four percent by application volume and up by twenty-nine percent by lending value when compared to the same period in 2021. *

The FLA also reported that second charge lending increased by thirty-seven percent in application volume and by forty-four percent in lending value during the second quarter of 2022 compared to the same period in 2021. *

What is Driving the Growth in 2nd Charge Home Loans?

Whilst there has been much speculation as regards the reasons for this continued growth, here at Caboodle Finance, we believe that the key drivers are:

Choosing Between an Unsecured loan, Second charge mortgage or a Remortgage

There will of course be many other factors influencing the decision to consider a second charge mortgage and it is important that all options are considered when capital raising as the decision whether to use unsecured borrowing, a second charge mortgage or a remortgage to raise any capital required can be complex.

Expert Advice From Your Local Mortgage Broker

Expert advice and recommendations from a fully qualified mortgage broker such as Caboodle Finance canadd significant value. Our experts will assess and factor in any borrower priorities and requirements, conduct market analysis and provide advice and recommendations regarding what is likely to be the most suitable solution in all circumstances.

In short, not choosing the most suitable option could prove very costly to a homeowner which is why many seek help from a professional mortgage adviser. With all that in mind, please check out testimonials from our previous customers HERE.

Then, if you would like more information about how our professional advisers here at Caboodle Finance of Sutton Coldfield, Birmingham ensure clients receive the very best advice and are able to access the appropriate products, call 0121 308 9114 for a no-obligation chat, or alternatively, click  HERE  to contact us via the website and we will be in touch with you as soon as possible. 

We look forward to speaking with you about our second charge mortgage offers.

*Source – financial reporter 04/08/22

Click here to view our data protection policy

Click here to view our Customer Privacy Notice

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for our mortgage advice which will range from £495 to £1,495. The level of fee will be determined by the amount of work we expect to undertake in arranging your mortgage and we will discuss and agree this with you before you make an application. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England and Wales at Mere Green House, 46-48 Mere Green Road, Sutton Coldfield, West Midlands B75 5BT (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2023 Caboodle Financial Services Ltd