Second charge lending is back on lenders’ agendas
With so many borrowers sitting on sub-2% first charges, the second charge market has become the fastest route to equity release.
Colin Ness
Every month we speak to owners whose first charge is priced below anything available today. Breaking that facility to raise capital is often the single most expensive decision available to them, and yet it is still the default advice on the high street.
Second charge lenders have responded with genuinely competitive products: combined loan to values up to 75%, terms out to twenty-five years, and — critically — appetite for portfolio-wide charges rather than property-by-property arrangements.
The bottleneck is consent. First charge holders take between two and six weeks to respond, and cases stall there rather than at credit. We now seek consent in parallel with underwriting as standard, which has taken roughly three weeks out of a typical timeline.
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