Second Charge Mortgage
Our Second Charge Mortgage Service
Are you looking for a second mortgage?
Second mortgages can be used for a range of different purposes including:
- Second home purchase - e.g. For holiday or investment purposes
- Home improvements - Converting or extending a property to improve your current property?
- For moving house - You may be looking for short term finance up to 12 months to break a mortgage chain or to ensure you don't miss out on a desired property - bridging loans "bridge the gap" between selling and buying a property.
- Investment property - e.g. buy to let or for flipping
- Auction purchase - Buying property at auction or buying land
- Commercial property - e.g. mixed use such as a flat above a shop or where you looking to buy a commercial property
- Buying property abroad - A lot of our clients buy property abroad particularly in Spain and France using UK property as security.
Our mortgage team can help you get finance in place depending on your requirements - we offer:
- Second charge mortgage finance from £25,000 to £2.5m
- Terms - From 3 months to 35 years
- Independent service - We work with over 70+ lenders
- Market leading rates
- Fast turnaround - speak to us today if you need to move quickly. We have lenders who can work to short timescales (2 to 3 weeks).
To investigate your 2nd mortgage options call our mortgage team on 0117 403 4474 or fill in our call back form.
Looking for the best second mortgage deal? If so, you will need to compare the whole mortgage market to make sure you get the best available deal.
Our mortgage quotes and advice service can help you to narrow down your options:
What is a second charge mortgage?
A second charge mortgage is a loan secured against the equity you own in a property.
Example: So for instance if you currently have a mortgage on a property worth £300,000 and you have £100,000 left to pay off then you own £200,000 of the equity of that property which you may be able to secure a second charge mortgage against.
Instead of remortgaging by taking out a second charge mortgage you can retain your current arrangements for your mortgage so you would not need to pay early repayment charges if applicable.
You can also take out secured loans for shorter terms than mortgages which could provide you with more flexibility.
Second charge mortgages or secured loans may have lower interest rates than personal loans due to the lender having the security of the property placed on the loan. Most personal or unsecured loan providers will not go above £35,000 when it comes to borrowing.
A second charge mortgage still means that you risk your home being if you fail to keep up with your repayments. If you sell your property then your initial mortgage (first charge mortgage) would be cleared before any money could go to the second charge loan. The lender of the second charge mortgage can still pursue you for any money you owe them if there is a shortfall.
The money you raise through a second charge mortgage can be used for any reason you like such as car purchase, refurbishment, purchase of investment property or debt consolidation.
Second charge mortgages are available from a variety of different providers.
If you would like to find out what secured loans/second charge mortgages might be available to you speak to our mortgage team on 0117 403 4474 or complete our callback request form.
Alternative options to a 2nd charge mortgage
If your circumstances have not changed, and your mortgage does not have a large early repayment fee then you benefit more from a further advance or remortgaging with your lender than taking out a second charge mortgage. If the amount of money you wish to borrow is not large you may also want to consider a personal or ‘unsecured’ loan (between £1,000-£25,000) which have the advantage of not being secured against an asset.
If you want to find out more about getting a second charge mortgage then talk to one of our advisers who can assess whether this route is right for you. With recent developments in the 2nd charge market rates are coming into line with those offered on a unsecured basis and general arrangement fees are also falling.
You can fill in the online contact form on this page to request a call-back from a Fair Mortgages Adviser who can offer a free introductory consultation.
Call 0117 403 4474 or complete our callback form.