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About The Mortgage

Second Charge Mortgage

Second charge mortgages or often called second mortgages because they have secondary priority behind your main (or first charge) mortgage. They are a secured loan, which means they use the borrower’s home as security. Many people use them to raise money instead of remortgaging.

How does getting a second mortgage work?

If you are already a home owner then you are eligible for a Second Charge Mortgage. A Second Charge Mortgage is a secured loan against the property which can be anything from £1,000 upwards.

Why take out a second mortgage?

  • If you are struggling to get a personal loan, maybe because your self-employed.
  • If your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage, rather than just on the extra amount you want to borrow.
  • If your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than to remortgage.

How much can I borrow on a second mortgage?

A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home.

Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

How To Apply!

To apply for your Second Charge Mortgage simply fill out the form above and our specialist mortgage advisors will be with you every step of the way. Click here to apply or call us today on 01702 619221.

How to Access Your Credit Report

Frequently Asked Questions

How much can I borrow on a second mortgage?

A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home.

Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

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Quick FAQs

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For the answers to some of our most commonly asked questions, below.

 

Frequently Asked Questions

Can I get a remortgage with bad credit?

Yes. Whilst getting a remortgage with bad credit can be difficult, it’s a common situation many applicants find themselves in. So whilst a bad credit history can make things tricky, there are steps we can help you take to start repairing your credit rating and get you back on track to finding the right remortgage for you.

Can I get a remortgage with a bad credit score?

Even with a bad credit score, it is still very possible for you to get a remortgage. There are varying degrees of what is considered to be a ‘poor credit’ score and one black mark on your credit file may not have as significant an impact on your remortgage application as you believe.

What is the difference between ‘adverse’ and ‘bad’ credit?

You may have been told that your credit rating is ‘bad’ or it might have been described to you as ‘adverse’. Essentially, in the context of getting a remortgage, both words mean the same thing and we are able to help you with both.

How do I know if I have a bad credit rating?

There is very little difference between the two, especially as different lenders will look at very different criteria when assessing a remortgage. However, if you know you have any recent defaults, IVAs, are on a debt management plan or have CCJs, you may want to seek the help of specialist advisors, like Amber remortgage Solutions, who will be able to advise on the best remortgage for you.

How do I find the best remortgage deal for me?

When looking for an affordable bad credit remortgage, there are still many options out there, they may just be that little bit harder to find. Whilst a few high street lenders may consider applicants with minor or historical credit issues, the majority will probably refuse an application with a bad credit history. However, there are still many independent lenders out there who will be able to offer you a suitable deal – you just need the right help to find them.

Will it cost more?

This really is dependent on the perceived potential risk you represent to lenders. Whilst there are some credit events considered more serious than others, such as CCJs or bankruptcy, there are still ways you can remedy your credit score to lower the costs to yourself. For example, if you have a CCJ from several years ago on your credit report, but you have since made all of your credit repayments on time and used them responsibly, whilst a high street lender may still refuse your application, this would look more favourable to an independent lender who can offer you the right deal.

Where do I start?

Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the remortgage you need. We’re here to help you, not judge you, so call us on 01702 619 221.

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