...and in light of restricted criteria from mainstream lenders, there is an increasing trend for people to stay put and ‘upgrade’ their current property.
This is often because they want to avoid losing the benefits and rate of their current mortgage, avoiding costly early repayment charges or not being able to fund the deposit to purchase a new home.
Secured loans are now recognised as a highly viable option for clients to transform their current house into their dream home, without having to remortgage, relocate or uplift their family.
As well as being quicker to complete, secured loans can work out cheaper than remortgaging the full balance and the application/completion process is simpler than a remortgage.
The mortgage market is expected to remain relatively stable for the next couple of years and as such more and more owner occupiers will decide to stay where they are, keep their competitive mortgage benefits and rate, and improve their home to suit their lifestyle.
With more people staying where they are, low numbers of purchase mortgages and remortgages, great opportunities are on offer for brokers to recognise the benefits of secured loans and to broaden their product range to suit their clients’ needs.
