Second Charge Secured Loans

Second Charge Secured Loans

A second charge loan can be an effective way of of releasing equity from a property you own. They are ideal if you want to consolidate debt, complete home improvements, or as an alternative to a remortgage.

With current mortgage rates at an all time low, if you are on a low tracker or your lenders standard variable rate, then a re-mortgage may not be the most cost effective way to release capital from a property, but you are still able to capital raise with a secured loan without affecting your current mortgage rate.

  • Loans between £25k and £2.5m
  • No early settlement fees on secured residential home loans
  • Homeowners and Landlords only
  • Security in the form of a second charge
  • All circumstances considered

What are second charge secured loans

A second charge secured loan is quite often referred to as a second charge mortgage because it is a loan secured against the available equity in a property you own. The security is usually in the form of a second charge mortgage against the property which means that it sits behind and does not affect the primary (first charge) mortgage.

Do you qualify for a second charge loan?

Second charge secured loans can be considered under the following circumstances;

Second Charge Secured Loan Purposes

Secured loans can be made available for most legal purposes, including;

You must be a homeowner to get a second mortgage, although you do not necessarily need to live in the property.
Secured loans can be arranged against residential, buy to let and commercial properties
You must have equity available in your property to secure the loan against
Must be able to prove your income and ability to   repay
Must be at least 18 years of age and “the property” must be in the UK
Overseas applications welcome
Settling tax bills
Raising a deposit for property purchases
Raising funds for business investment
Home improvements
Debt consolidation
School/university fees
Car purchases
Dream holidays