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Mortgage & Equity Release - Call Us 0117 403 4474

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What is your mortgage for?

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Homeowner Loans

4.19% APR (variable)

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

Representative Example:The Representative APRC is 9.1%. Based on an assumed loan amount of £18,000 (including broker fee of £1,530 & product fee of £495) over 60 months at an interest rate of 4.95% (variable). Monthly repayment £227.38 & total repayable £26,945.40.

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparison Product fee Monthly cost Enquire
Initial rate: 3.79%
Rate type: 2 year fixed
Monthly cost: £774.47 per month
Product fee: £999
Overall cost for comparison: 7.3% APRC
Lloyds Bank 3.79% 2 year fixed 7.3% APRC £999 £250 cashback £774.47 per month get quotes
Initial rate: 3.88%
Rate type: 2 year fixed
Monthly cost: £781.85 per month
Product fee: £995
Overall cost for comparison: 7% APRC
NatWest logo 3.88% 2 year fixed 7% APRC £995 £781.85 per month get quotes
Initial rate: 3.91%
Rate type: 2 year fixed
Monthly cost: £784.32 per month
Product fee: £899
Overall cost for comparison: 6.2% APRC
Barclays 3.91% 2 year fixed 6.2% APRC £899 £784.32 per month get quotes Broker Only Deal
Initial rate: 3.91%
Rate type: 2 year fixed
Monthly cost: £784.32 per month
Product fee: £999
Overall cost for comparison: 6.4% APRC
HSBC logo 3.91% 2 year fixed 6.4% APRC £999 £500 cashback £784.32 per month get quotes Broker Only Deal
Initial rate: 3.91%
Rate type: 2 year fixed
Monthly cost: £784.32 per month
Product fee: £999
Overall cost for comparison: 6.4% APRC
HSBC logo 3.91% 2 year fixed 6.4% APRC £999 £784.32 per month get quotes Broker Only Deal
Initial rate: 3.92%
Rate type: 2 year fixed
Monthly cost: £785.14 per month
Product fee: £899
Overall cost for comparison: 6.2% APRC
Barclays 3.92% 2 year fixed 6.2% APRC £899 £785.14 per month get quotes Broker Only Deal
Initial rate: 3.93%
Rate type: 2 year fixed
Monthly cost: £785.97 per month
Product fee: £995
Overall cost for comparison: 7% APRC
NatWest logo 3.93% 2 year fixed 7% APRC £995 £785.97 per month get quotes
Initial rate: 3.94%
Rate type: 2 year fixed
Monthly cost: £786.79 per month
Product fee: £999
Overall cost for comparison: 7.4% APRC
Lloyds Bank 3.94% 2 year fixed 7.4% APRC £999 £250 cashback £786.79 per month get quotes
Initial rate: 3.94%
Rate type: 2 year fixed
Monthly cost: £786.79 per month
Product fee: £999
Overall cost for comparison: 6.9% APRC
Nationwide Building Society logo 3.94% 2 year fixed 6.9% APRC £999 £786.79 per month get quotes Broker Only Deal
Initial rate: 3.94%
Rate type: 2 year fixed
Monthly cost: £786.79 per month
Product fee: £999
Overall cost for comparison: 7.4% APRC
Halifax 3.94% 2 year fixed 7.4% APRC £999 £250 cashback £786.79 per month get quotes
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Second Charge Loan Calculator

Second Charge Mortgage Service

Why choose us for a second charge loan?

Fair Mortgages can provide you with a first class service if you are looking for a second charge loan for 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. Left Bullets

Second Charge Loan Calculator

What is a Second Charge Loan?

A second charge loan (also known as a second mortgage) 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.

In terms of repayment seniority, second mortgages are riskier for lenders which are reflected in generally higher interest rates for these types of products. In the event of a default by the borrower the 1st charge mortgage will be paid off first.

What can a second charge loan be used for?

Second charge loans offer 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...

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

Second Loan Calculator

Taking out a second loan against your property is a big investment, which is why you should ensure that you can have the capacity to take out 2 loans. Whilst our second charge calculator can assist you in filtering out a selection of second charge loans that fit your criteria, we still urge that you contact a mortgage broker to assist you.

We have a specialist second charge loan advisory team who can help calculate the second loan terms that are appropriate for you. Additionally, our expert team can also compare a range of leading and exclusive second charge loan deals, to help find the ideal second charge loan perfect for your personal circumstances.

If you have any questions or queries with calculating a second charge loan, why not call us today on 0117 313 7780, for a free initial consultation; or fill in our contact form to request a call back.Fairmortgagescallgraphic

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