Wednesday, February 26th, 2020
A recent report issued by the Finance and Leasing Association (FLA) indicated that in the 12 months to the end of November 2019 the total number of new second charge mortgages issued was in excess of 27,700, which represented a 19 percent increase. Furthermore, the total amount advanced during the same period was approximately £1.2bn, which represented a 16 percent increase when compared to the same period 12 months before. **
Fiona Hoyle from the FLA commented that “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November 2019”.
However, these figures are no surprise to our expert team of mortgage advisers here at Caboodle Financial Services Ltd (“Caboodle Finance”) given the tendency for homeowners to “stay put” over the last few years.
The team believes that this was the result of several factors, primarily the uncertainty surrounding Brexit and the fact that many people had fixed their mortgage for five years or more in the last 2-3 years, meaning they were “tied” to a lender.
During this period of growth in the second charge mortgage market, Caboodle Finance found that some of the most popular reasons homeowners choose or were advised to take out a second charge when looking to raise capital were;
As the decision which route to take when capital raising is not always an obvious one, engaging the services of an experienced mortgage adviser who can offer impartial advice in all the circumstances is important.
If you would like to know more about how the in-house experts here at Caboodle Finance of Sutton Coldfield, Birmingham could help ensure that any funds raised will be both cost-effective and affordable, please call our second charge mortgages team on 0121 308 9114 or alternatively, just click HERE to email us via the form on our website.
** Source – Financial Reporter 28-01-20
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114