Second Charge Mortgage
Second Charge Mortgage
If you need to raise additional funds without re-mortgaging or taking out a personal loan, then the second charge option could be right for you.
What is a second charge mortgage?
A second charge mortgage works by securing a loan against the equity in the homeowner’s existing home or property. This enables the homeowner to raise capital without taking out a loan or re-mortgaging their existing home or property.
Why you might consider a second charge mortgage:
– You need to secure a loan quickly
– You are not able to get a loan elsewhere
– You would like to make some home improvements
– You need a deposit for another investment, and you need to move quickly
Would you like to learn more about the second charge mortgage? We are on hand to assist and, as an independent mortgage broker, we have access to a comprehensive market, and can offer you the competitive rates.
We are here to assist you with advice. We can even look at a rate that you have been currently offered to see if we can provide something more affordable, or in line with your financial goals.
FAQ
A second charge mortgage works by securing a loan against the equity in the homeowner’s existing home or property. This enables the homeowner to raise capital without taking out a loan or re-mortgaging their existing home or property.
Second charge mortgages can be agreed and completed within a matter of weeks, if all the information and documents are satisfied.
Depending on the situation, second charge loans are a good idea if you need to quickly raise additional funds and are unable to do so from your existing mortgage provider as you may be in a fixed rate period with expensive early repayment charges.
This all depends on the property value and the amount of the existing mortgage on the property.
Obtaining a second charge mortgage follows a very similar process in obtaining a first charge mortgage, whereby the income and affordability will play a factor in determining whether or not you are eligible for a second charge.