To apply for a second charge mortgage you do not necessarily need a very good credit score. In fact, in some cases, you may still be able to get a second mortgage with a bad credit score.
In order to be considered for a second charge mortgage you will need be a homeowner. However, you do not necessarily need to be living in the property you are taking out the second charge mortgage on. (Buy-to-Let landlords)
There are a few reasons why you might want to take out a second charge mortgage, but before you determine whether or not you can get one, weigh up your options.
If you have been considering taking out a second mortgage, the first thing to do is to decide how much money you need, and what you will be spending it on.
The main attraction for a second charge mortgage is that people who have a less than perfect or bad credit score can still be in with a chance of being approved.
Another reason why people consider taking out a second charge mortgage is that it could work out cheaper than re-mortgaging when you want to raise extra money. Also, it might be easier to get a second charge mortgage, even if you have a fluctuating income, or are classed as self-employed.
Important is to shop around with lenders. See what their loan rates are like, so you get a good feel of how much APR you could be paying. It is very important to get the loan that fits your needs, so you might want to consider using an independent professional broker. They will have access to all loans available and be able to advise you accordingly.
Need some help?
If you are looking to borrow money and own a property please make contact and one of our advisers will be happy to assist.