We can provide you with a first class service if you are looking for a second charge mortgage on your home.
To investigate your second mortgage options call our specialist team on 0117 959 5094 or fill in our call back form.
Second mortgages are loans on a property which are subordinate to the first charge mortgage (loan) on the property. In terms of repayment seniority, second mortgages are riskier for lenders which is reflected in generally higher interest rates for these type of products. In the event of a default by the borrower the first charge mortgage will be paid off first.
Second mortgages are often known as secured loans, or homeowner loans.
A second charge mortgage can be used for almost any legal purpose. This will depend on the lender, but examples of what second charge lenders will accept include:
If you are looking to access personal finance over £40,000 and over a 5 year term then getting finance on an unsecured basis is unlikely so a second mortgage may be a better option.
If you have had previous credit issues second charge finance can be a useful alternative e.g. if you have recently changed jobs, been made redundant, or had to deal with a family illness or recently changed from a limited company to a sole trader high street lenders may not be open to you. Under these circumstances you may be eligible for second charge finance allowing you to rebuild your credit profile and opening the door to the option of high street finance in the future.
Different lenders have different criteria but some general rules of thumb are:
To find the best second mortgage rates and options open to you call us on 0117 959 5094