Second Charge Home Loans
Our Second Charge Mortgage Service
Why choose us?
Fair Mortgages can provide you with a first class service if you are looking for second charge mortgage advice. We work with most UK lenders and can compare them to provide you with the best deal.
Special features of what we offer include:
- Whole of market broker - we deal with most UK Second Charge home loan lenders
- Rates - Access to leading buy to let market rates
- Exclusives - Access to exclusive second charge mortgage deals not available on high street
- Our BTL Expertise - Expert help whether you are a first time investor or experienced full time landlord
- Credit Issues? - We have lenders who will take into account previous defaults and missed payments
To investigate your second charge home loan options call our specialist team on 0117 313 7780 or fill in our call back form.
Second Charge Home Loan
If moving home isn’t an available or desirable option, you might have thought about extending, improving or redesigning your existing home. However, you might be wondering where you might be able to raise finance for whatever your needs without remortgaging your house. In which case, a Second charge home loan might be for you.
Second charge home loans also known as second mortgages are used to raise finance for an endless possibility of reasons. As lenders generally do not have any specifications as to what the finance must go towards, a second charge loan gives you the flexibility of using the capital on whatever you want (to a certain extent); whether it be installing that new kitchen into your home or buying yourself a new car.
How do second charge home loans work?
A second charge loan is essentially a second mortgage on your property. It is secured against the equity that you have in your property, and has second priority in terms of repayment to your first mortgage. Although you do not necessarily have to live in the property to get a second charge loan, you still have to own a home to be eligible.
Benefits of a second charge home loan
People take our second mortgages for a variety of reasons including:
Cost effective – It may be cheaper for you to take out a second charge loan rather than remortgaging; providing that your existing mortgage has a high early repayment charge.
Unable to gain a personal loan – if you’re self employed and are struggling to gain unsecured borrowing, you might have a better chance at securing the finance.
Bad credit rating – If your credit rating has suffered since taking your first mortgage out, remortgaging could result in you paying more interest on your entire mortgage, rather than just on the extra amount you wish to borrow.
Considerations before taking out a second charge home loan
Before you take out a second charge home loan, it’s highly advisable to gain advice from a mortgage broker or a suitably qualified individual. In addition to having access to the majority of second charge loans that are not available through direct application, they will also be able to help you find a second charge loan that best meets your needs and financial situation. If you’re interested in securing a second charge mortgage, why not call us today for a free initial consultation on 0117 313 7780, or fill in our contact request form for a call back.