Second Charge loans

Second charge or second mortgages

A second charge mortgage is secured the borrower’s home as security as means to raise money instead of remortgaging, but there are some things you need you need to consider before you apply for a second charge mortgage.

Why take out a second mortgage?
There are several reasons why a second charge mortgage may be worth considering:

If you are facing challenges to get some form of unsecured borrowing, such as a personal loan may because you’re a contractor or self-employed with complex income or as a result of bad credit, due to CCJ’s or defaults or low credit score.

Your credit rating may gone down since taking out your first mortgage also if your mortgage has a high early repayment charge though you may end up paying more interest on your entire mortgage.

A second loan means another interest on the new amount you want to borrow however, it may be cheaper for you to take out a second charge mortgage rather than to remortgage.

We are have access 100’s lender’s product for most circumstances.

Contact us for all your second charge loans needs.