How Does A Second Mortgage Work

Second Mortgage Service

We offer a first class service if you are looking for a 2nd mortgage. 

Special features of what we offer include:

• Borrow from £25,000 up to £2.5m

• Market leading rates

• Exclusive rates - Access to exclusive loan deals not available on high street

• Fast turnaround - 15 working days possible

• Not a perfect credit record? We have lenders who will take into account previous defaults and missed payments

• 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 403 4474 or fill in our call back form. 

What is a second mortgage?

Second mortgages are loans on a property which are subordinate to the 1st charge mortgage (loan) on the property.

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 2nd charge lenders will accept include:

• Home improvements, renovations and extensions

• Property development

• Purchasing a second home in the UK or abroad

• Buying property at auction

• Debt consolidation

• Additional property

• Car/Vehicle purchase

• Medical bills

• School fees

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 further 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 403 4474