Can I get a second charge mortgage?
You do not necessarily need a very good credit score to get a second charge mortgage. In fact, in some cases, you may still be able to get a second mortgage with a bad credit score.
Obviously, in order to be considered for a second mortgage you 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.
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. You may be able to look at other ways of borrowing money with less risk attached. For example, if you are looking at borrowing a few hundred up to a couple of thousand pounds, then you may want to get a credit card. Some 0% purchases credit cards will allow you to avoid paying any interest for up to 18 months, and sometimes longer.
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. If your application is successful another advantage is the speed of advancement, this could be as little as 20 working days.
Also, it might be easier to get a second charge mortgage, even if you have a fluctuating income, or are classed as self-employed.
Need some help?
If you require assistance choosing your loan please contact one of our fully qualified advisers and they will be happy to help. https://www.second-charge-loans.co.uk/contact/