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 below and our specialist mortgage advisors will be with you every step of the way.