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Mortgage Hotline - Call Us 0117 313 7780

What is your mortgage for?

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Homeowner Loans

3.74% APR (variable)

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

Representative Example: The representative APR is 5% (variable) so if you borrow £10,000 over 10 years at a rate of 4.45% (variable) you will repay £103.40 per month & total amount payable £12,408.

Homeowner Loan

4.45% APR (variable)

  • £10,000 Loan over 10 years 
  • Monthly repayments £103.40 per month

Representative Example: The representative APR is 5% (variable) so if you borrow £10,000 over 10 years at a rate of 4.45% (variable) you will repay £103.40 per month & total amount payable £12,408.

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 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. 

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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 futher 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.

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Call 0117 313 7780 or Request Callback for our Second Charge Loan Team

For a FREE initial conversation about your mortgage options complete our short enquiry form.

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Why Fair Mortgages?