Frequently Asked Questions - Niche Loans

Frequently Asked Questions

Second Charge Loan FAQs

Do I need to own my own home to obtain a Second Charge Loan?

Yes, you must be a home owner with a mortgage

How much can I borrow?

Niche Loans can arrange loans from £10.000 to £500.000 other amounts can be considered

How can I get a quick loan?

Depending on your circumstances your dedicated Niche Financial Solutions Loan Advisers will work with you to meet your specific deadline

How do I calculate my credit rating?

Your dedicated Niche Loan Advisers can help you calculate your credit rating using information you provide and will not leave a foot print at the enquiry stage

What can a Second Charge Loan be used for?

There are many acceptable purposes for Second Charge Loans from Home Improvements, Debt Consolidation, Business Purposes, Investment properties and many more.

How do I compare Loan rates between different lending companies?

You don’t have to compare Loan rates, your dedicated Niche Financial Solutions Loan Advisers will compare all potential loan packages and offer you only the best options for your individual circumstances

Can you offer long term Second Charge Loans?

Niche Loans can offer long term second charge loans of up to 30 years. We recommend however that you take a loan over the shortest affordable term. That way you pay less interest

Will I need to pay for any costs upfront?

No. Niche Loans cover all valuation and reference costs however you will be charged a Broker Fee by Niche Loans for arranging your second charge loan the fee is added into your total loan amount and paid to Niche Financial Solutions by the lender upon completion of your Loan

Can my loan be repaid early?

Second Charge Loans are regulated under the F.C.A and the maximum penalty charged would be 2 months interest. Some lenders charge as little as £195.00

I’m self employed so do I need to provide up to date accounts to verify my income?

Most lenders do accept SA302`s or a simple letter from your Accountant to verify your income

How quickly can a second charge loan be completed?

The average completion time for a Second Charge Loan is approximately 21 days. However dependent on your circumstances it could take slightly longer if your circumstances are more complex , however if your situation is more straight forward it may be quicker

Is there any independent advice I can seek before making my decision?

If you feel as though you are struggling with your debts, The Money Advice Service are an independent service set up by the Government and they offer free, impartial advice. They can be contacted on 0300 500 5000 or their website can be found at www.moneyadviceservice.org.uk

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