Halifax Second Home Mortgage
We are committed to helping you find the second charge mortgage deal for your circumstances. Our service provides:
- Rates from 3.95%
- Compare Halifax with the rest of the market
- Loans from £25,000 for any legal purpose
- Fast track service if you need to act quickly
The Fair Mortgages service is professional, independent first and second charge loan broker service brought to you by a team of specialist advisers and experienced administration support.
Why Choose Us?
Our Residential & Buy To Let Second Charge Loan Service
Special features of what we offer include:
- Second charge loans - £25,000 to £750,000
- Terms of finance from 6 months to 35 years
- Loans for homeowners with a current mortgage
- Whole of market service - we work directly with UK 2nd charge lenders
- Lowest rates - Access to leading loan deals
- Fast turnaround - speak to us today if you need to move quickly. 10 days possible.
- As part of our service we can review whether remortgaging is a better option for you in raising finance.
To investigate your loan options call our team on 0117 313 6058 or fill in our call back form.
Second Charge Mortgage Rates
Second charge mortgages, which are also referred to as ‘second mortgages’ as they are also a type of loan secured against your home. Provide a way for borrowers to raise money without remortgaging their existing home finance.
Second charge mortgage rates
The interest rates a borrower would be required to pay on a second charge mortgage may be higher than the rates they would have to pay on a regular mortgage of the same size. Even so, there are some instances where a second charge mortgage may work out cheaper for the borrower overall. In cases for example where a borrower may have a large early redemption fee they would need to pay to their existing mortgage lender in order to remortgage, the size of the this charge could negate the additional interest they may have on a second charge loan, making it cheaper overall.
How second charge mortgages work
Second charge mortgages are a kind of secured loan which allows borrowers to borrow additional funds secured against their home, even if they already have a mortgage. This is because the loan is secured against some of the property’s equity that is not already secured against a mortgage, the equity a borrower has in their home is the portion of it that they own out right, for instance the amount they have paid off through their monthly repayments.
The ‘second charge’ refers to the fact that this type of finance essentially has second priority behind your main mortgage provider. This means that if a borrower was to default on either their main mortgage or their second charge and either lender decided to take them to court in order repossess the property, the first charge mortgage lender would take the first priority to be repaid, any remaining money would then go to repay the second charge mortgage debt.
Before taking out a second charge mortgage
There are a range of lenders who offer second charge mortgage products, if you do decide that this kind of finance is the right choice for you then it may be wise to shop around the different providers to try and find the best product available to you, considering things such as: Annual Percentage Rate of Charge, loan durations and the total you would be expected to pay back.
For amounts of less than £25,000 borrowers may wish to consider a personal loan, this kind of loan does not require the use of an asset as security upon it.
If you want to find out more about getting a second charge mortgage then you may benefit from enlisting the services of an independent adviser.