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Second charge secured loans: ideal fund pool for self-employed businessmen
Added: (Thu Feb 01 2007)
London, 30th January, 2007: Financial experts claim that self-employed business owners could find a second charge secured loan to be the best way to generate business funding.
Many self employed people do not wish to put up their home or business property as security against the loans that they wish to take. A second charge loan becomes a good platform to obtain the much needed extra cash for their enterprises.
Mortgage intermediary advice companies say that most of these loans allow self-certification and therefore, suit borrowers who are looking to start their own business.
"The new generation of second charge products, particularly those offered by mortgage lenders, are designed to be completely fair and transparent, offering more competitive rates and facilities like 'one-plus-one' redemption charges and 'back-to-day-one' payment protection," states an unnamed company representative.
Although, the Financial Service Authority (FSA) is yet to takeover full control of the second charge loan market, experts suggests that things are moving in the right direction as a result of innovative products and better regulation. In fact, the Association of Finance Brokers was created in July, 2006 to assume responsibility for the second charge secured loan market.
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