Second Charge Mortgage Loans
Do you need a loan but your existing mortgage lender has said no?
The answer maybe a Second Charge Mortgage if you have:
- Credit card or loans debts on high interest rates
- Need funds to put your children through University
- Pay for school fees
- Buy a new car or holiday home
- Carry out some home improvements
- Give your children or grandchildren a deposit so they can buy their own home
- Pay for a Wedding
- ‘Pay off’ a mortgage partner
- Have a tax bill to pay
- Deposit for a Buy to Let property
- Tied into a fixed rate mortgage with redemption penalties
- Raise capital for business purposes
- Clear your Overdraft
- You want to keep your low interest rate mortgage product with your existing lender
- You have adverse credit and your existing lender will not lend to you
- Been offered a further advance from your current lender but at a higher interest rate
- Currently on an interest only mortgage
- Recently self-employed, retired or have income from multiple sources
- Cash flow problems – take a Second Charge Loan whilst waiting for debtors to pay you
- Repay a Directors loan
These are only some of the many reasons why a Second Charge Mortgage may be the answer.
What is a Second Charge Mortgage?
It is simply another loan secured on your property just like your mortgage. Your mortgage lender has a first charge on your property so is first to be paid if you sold your property followed by a second charge lender.
What interest rate do they charge?
Because second charge lenders are second to be paid, the risk is they may not get all of their money back if your property was sold. Therefore, they charge a slightly higher interest rate. The good news is the more equity you have in your home, the safer they feel so the interest rate they charge would be lower.
The Second Charge Loan market is very buoyant at the moment with lots of lenders looking to lend. Although interest rates are not as low as first charge lenders (i.e. the High Street mortgage lenders) rates are still very competitive.
To find out more, please give me a call and I can put you in touch with one of the expert firms I deal with for Second Charge Loans.
Secured Loans are provided by Introduction Only
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
For more information on how I can help you with Second Charge Loans, please call me on: 01494 526400 or complete my online enquiry form.
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October 11, 2024
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Second Charge Mortgage Loans
Do you need a loan but your existing mortgage lender has said no?
The answer maybe a Second Charge Mortgage if you have:
- Credit card or loans debts on high interest rates
- Need funds to put your children through University
- Pay for school fees
- Buy a new car or holiday home
- Carry out some home improvements
- Give your children or grandchildren a deposit so they can buy their own home
- Pay for a Wedding
- ‘Pay off’ a mortgage partner
- Have a tax bill to pay
- Deposit for a Buy to Let property
- Tied into a fixed rate mortgage with redemption penalties
- Raise capital for business purposes
- Clear your Overdraft
- You want to keep your low interest rate mortgage product with your existing lender
- You have adverse credit and your existing lender will not lend to you
- Been offered a further advance from your current lender but at a higher interest rate
- Currently on an interest only mortgage
- Recently self-employed, retired or have income from multiple sources
- Cash flow problems – take a Second Charge Loan whilst waiting for debtors to pay you
- Repay a Directors loan
These are only some of the many reasons why a Second Charge Mortgage may be the answer.
What is a Second Charge Mortgage?
It is simply another loan secured on your property just like your mortgage. Your mortgage lender has a first charge on your property so is first to be paid if you sold your property followed by a second charge lender.
What interest rate do they charge?
Because second charge lenders are second to be paid, the risk is they may not get all of their money back if your property was sold. Therefore, they charge a slightly higher interest rate. The good news is the more equity you have in your home, the safer they feel so the interest rate they charge would be lower.
The Second Charge Loan market is very buoyant at the moment with lots of lenders looking to lend. Although interest rates are not as low as first charge lenders (i.e. the High Street mortgage lenders) rates are still very competitive.
To find out more, please give me a call and I can put you in touch with one of the expert firms I deal with for Second Charge Loans.
Secured Loans are provided by Introduction Only
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
For more information on how I can help you with Second Charge Loans, please call me on: 01494 526400 or complete my online enquiry form.
Very fast efficient service – would recommend.
Hopson & Johnson – 3rd June 2024
Steve & Sue were professional throughout the whole proceed. Would have no hesitation in recommending their company.Hentschel – 29th May 2024
We experienced difficulty in finding our original mortgage and Steve and Sue were instrumental in helping us purchase our first home. Likewise, when it came to remortgaging 2 years later they were pivotal in finding us a suitable mortgage rate with a new provider.Henschel – 27th March 2024
Thank you to both Steve and Sue for all the hard work and patienceAnon – 22nd March 2024
Fantastic service as always.
Anon – 4th March 2024
Steven and Sue have been absolutely wonderful throughout the whole mortgage application process. Even when we were unsuccessful with our first application which left us panicking, Steven remained calm and professional, informed us there were plenty of other options and worked quickly on a new application suited to our needs. Steven would answer his phone efficiently and if he missed us, he would call back immediately, something which can be quite rare these days. We would recommend Steven and Sue to anyone that maybe struggling with the whole mortgage process, especially the self employed, they took all the stress from us and deserved every single penny we payed them. We will absolutely be returning to Steven and Sue in the future and only wish we had found them sooner. We found them to be invaluable and an absolute pleasure to deal with, they are the reason we can finally sleep well at night! Thank you both again.Oldham – 22nd February 2024
Helpful and helped us in finding mortgage with suitable interest rates given our adverse credit at the timeKunda – 15th February 2024
I have used Steve twice now and both times he has been professional and has always listened to me, which was very reassuring when I was considering not buying anymore and giving up on the process.Anonymous – 6th February 2024
Steve and Sue have been fantastic, they worked hard to get our application pushed through before Christmas and were on hand and very responsive to any questions that we had regarding our mortgage application. I would highly recommend.Martin – 2nd January 2024
I have felt very well looked after throughout this process, and advocated for, to meet my individual financial needs. The communication between Steven, Sue and I has been of the highest standard, and I could not have asked for more. I was treated without prejudice, and with understanding, and I am so happy that I have been able to buy a home which my daughter and I can now settle into, and start a new chapter. Thank you so much Steven and Sue!Hentschell – 21 November 2023
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