Why would you consider a second charge mortgage?

There are a number of reasons to apply for a second charge mortgage and they include.

Debt Consolidation

Home improvements/extensions

Helping with University fees

Helping your family with a deposit for their first home

Buy-to-let property purchase

Children’s tuition fees

Payment of a tax bill

Who can apply for a second charge mortgage?

A second charge mortgage is open to a variety of borrowers including contractors, freelancers and self-employed professionals but there are stipulations.

Firstly, and most importantly you must have an existing first charge mortgage on a property already. You must also be 18 years old and over, as well as being employed (be it in a contract or permanent work).

How do I apply for a second charge mortgage?

The second charge loan application process is similar to applying for a re-mortgage.  An independent broker who specialises in offering second charge products will be able to gain access to a panel of lenders to ensure the quote you get is competitive and applicable to your particular set of circumstances. 

Most second charge lenders only accept business through a registered Broker and in nearly all instances, the client does not need to instruct a Solicitor to act for them, which can help expedite the transaction. This is different to re-mortgage applications where a conveyancer/Solicitor is usually required.

Way forward

Second charge loans do not suit every need and it is vitally important any potential borrower seeks professional advice from a qualified adviser. If you would like to discuss a potential loan please do contact one of our fully qualified independent advisers.