Borrowers are becoming increasingly aware of the versatility second charge loans present, and as a result, second charge lending is on the rise.

It is estimated that more than 42,000 households could take out a second charge loan this year, according to market statistics published by Pepper Money. In the same report, data shows that over the past two years, the second charge market has grown by 39%.

Whilst second charge loans are known to consolidate debt or finance home improvements, it can also be invaluable for those who want to extend their borrowing whilst keeping an attractively priced first-charge mortgage.

Here are a few scenarios where your client may require a second charge.

• Borrowing over shorter terms

• Unable to take out a further advance on existing mortgage due to adverse credit

• Need funds quicker than a re-mortgage could provide

• Luxury purchases

• Transfer of equity

As a broker, you must diversify your offerings in the specialist lending market, to keep up with the everchanging market and client demands. Understanding second charge lending will allow you to better position yourself when offering advice and guidance to your clients.

At Crystal Specialist Finance we can offer second charge loans on almost all property types, from Residential to Commercial & Buy-to-let. If you have clients looking for a second charge loan, we’re here to make it happen.

Why use Crystal for a Second Charge?

• LTVs up to 95%

• Terms from 3-30 years

• Loans from £25,000 upwards

• Second charge loan specialist in-house

• Loans with no ERCs available

Get in touch on 01827 337710 or enquire through our CrystalHUB to get a quote today.

Find out more about second charge loans here.