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Mortgage Hotline - Call Us 0117 313 7780

Homeowner Loans

3.74% APR (variable)

  • Borrow from £10,000 to £500,000
  • Loans from 3 to 35 year terms

Representative Example: The representative APR is 5% (variable) so if you borrow £10,000 over 10 years at a rate of 4.45% (variable) you will repay £103.40 per month & total amount payable £12,408.

Homeowner Loan

4.45% APR (variable)

  • £10,000 Loan over 10 years 
  • Monthly repayments £103.40 per month

Representative Example: The representative APR is 5% (variable) so if you borrow £10,000 over 10 years at a rate of 4.45% (variable) you will repay £103.40 per month & total amount payable £12,408.

Second Charge Mortgage Calculator

Second Mortgage Service

Why choose us for a second charge mortgage?

Fair Mortgages can provide you with a first class service if you are looking for a second charge mortgage on your home. 

Special features of what we offer include:

  • Borrow from £10,000 up to £2.5m
  • Access to leading market rates from 2nd charge lenders
  • Access to exclusive loan deals not available on high street
  • Fast turnaround - a property valuation may not be required
  • We have lenders who will take into account previous defaults and missed payments 
  • As part of our service we can review whether remortgaging is a better option for you in raising finance.

To investigate your second charge loan options call our specialist team on 0117 313 7780 or fill in our call back form. 

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Second Charge Mortgage Calculator

What is a second charge mortgage?

A second charge mortgage is a type of loan that is secured against your home, and the capital raised through the homeowner loan can be used for almost all purposes. The reason it is possible to have both a first and second charge mortgage is because the second charge loan can be secured against the portion of equity that you own in your property; whilst still paying off your existing first charge mortgage. This does however mean that failure to keep up with your repayments in either of these commitments could result in your home being repossessed.

The ‘first charge’ and ‘second charge’ refers to the repayment priority that each financial product has. So if our home was repossessed, the capital raised through the property sale would have to be used to repay the first charge lender first, then anything left over would be used to repay the second charge lender up to the debt amount.

How do I get a second charge mortgage?

Different lenders have different criteria but some general rules of thumb are:

  • You need to have an existing mortgage in place 
  • You will need sufficient equity in your property - typically a second charge lender will not lend based on the loan you are looking for over 90% LTV taking into account the existing first mortgage.
  • Your credit history will be a factor. Lenders take different views on previous credit blips so talk to us for futher information
  • Location - where you live in the UK may determine whether you can raise finance on a second charge basis

Second charge mortgage calculator

To use the Fair Mortgages calculator you just need to select the type of finance that you are interested in, along with your relevant financial information. The second charge calculator will then be able to filter a selection of mortgages that fit your criteria.

In addition to using this calculator, we recommend that you contact a mortgage broker or independent financial advisor to help you find and acquire the second charge mortgage that suits your personal circumstances. Taking out a second mortgage is a big investment, and consequently expert advice is vital. Our specialist second mortgage advisory team are experienced in helping investors meet their second mortgage goals, and has access to a range of leading and exclusive second mortgage deals.

If you feel you would benefit from the assistance of one of our expert second charge mortgage advisors, call us today on 0117 313 7780 for a free initial consultation, or fill in our contact request form for an advisor to get back to you. 

A Complete Service

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Call 0117 313 7780 or Request Callback for our Second Charge Mortgage Calculator

For a FREE initial conversation about your mortgage options complete our short enquiry form.

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Why Fair Mortgages?