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Mortgage Hotline - Call Us 0117 313 7780

Second Mortgage

Why choose us for a second 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
  • Short term finance required? 1 to 12 months - See our bridging loan service

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

What is a second mortgage?

Seccond mortgages are loans on a property which are subordinate to the 1st 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 1st charge mortgage will be paid off first. 

Second mortgages are often known as secured loans, or homeowner loans. 

What can I use a second mortgage for?

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:

  • Home improvements
  • Home furnishings
  • Debt consolidation
  • Additional property
  • Car/Vehicle purchase
  • Medical bills
  • School fees

Who would a second charge mortgage benefit?

If you are looking to access personal finance over £25,000 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.

How do I get a second 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

To find the best second mortgage rates and options open to you call us today on 0117 313 7780

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