Second Charge on Property
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 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 loans, call our specialist team on 0117 313 7780 or fill in our call back form.
Second Charge on Property
What is a Second Charge Loan?
A second charge loan (also known as a second mortage) is used as a way of raising capital instead of remortgaging. A second charge loan is secured against the equity that you own in a property and have second priority to your first property. Although you do not necessarily have to live in the property to get a second mortgage, you still have to own a home to be eligible.
Why use a second charge 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.
What can a second charge loan be used for?
Second charge mortgages offers finance solutions for an almost endless variety of purposes (providing it’s not illegal), some of these include:
- Home improvements
- Lease extensions
- Payments of a tax bill
- Deposit for a property purchase
- A new car
- Business purposes
- And the list goes on...
Where can I find a second charge loan
Whilst there is a considerably smaller amount of lenders willing to offer second charge mortgages opposed to residential mortgages; there is still plenty of second charge loan deals available from a variety of lenders. However, the majority of these lenders offers are only available through authorised independent intermediaries, such as our self.
Considerations before taking out a second charge loan
Before you take out a second charge 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.