Friday, 21 September 2018

Second Charge Mortgage Loans

Do you need a loan but your existing mortgage lender has said no?

The answer maybe a Second Charge Mortgage Loan if you have:

  • Credit card or loans debts on high interest rates
  • Need funds to put your children through University
  • Pay for school fees
  • Buy a new car or holiday home
  • Carry out some home improvements
  • Give your children or grandchildren a deposit so they can buy their own home
  • Pay for a Wedding
  • ‘Pay off’ a mortgage partner
  • Have a tax bill to pay
  • Deposit for a Buy to Let property
  • Tied into a fixed rate mortgage with redemption penalties
  • Raise capital for business purposes
  • Clear your Overdraft
  • You want to keep your low interest rate mortgage product with your existing lender
  • You have adverse credit and your existing lender will not lend to you
  • Been offered a further advance from your current lender but at a higher interest rate
  • Currently on an interest only mortgage
  • Recently self-employed, retired or have income from multiple sources
  • Cash flow problems – take a Second Charge Loan whilst waiting for debtors to pay you
  • Repay a Directors loan

These are only some of the many reasons why a Second Charge Loan may be the answer.

What is a Second Charge Mortgage?

It is simply another loan secured on your property just like your mortgage. Your mortgage lender has a first charge on your property so is first to be paid if you sold your property followed by a second charge lender.

What interest rate do they charge?

Because second charge lenders are second to be paid, the risk is they may not get all of their money back if your property was sold. Therefore, they charge a slightly higher interest rate. The good news is the more equity you have in your home, the safer they feel so the interest rate they charge would be lower.

The Second Charge Loan market is very buoyant at the moment with lots of lenders looking to lend. Although interest rates are not as low as first charge lenders (i.e. the High Street mortgage lenders) rates are still very competitive.

To find out more, please give me a call and I can put you in touch with one of the expert firms I deal with for Second Charge Loans.

Secured Loans are provided by Introduction Only

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

My Contact Details & Fees

  • La Cachette, Upper Stanley Rd, High Wycombe, Bucks HP12 4DB
  • T: 01494 526400
  • M: 07949 713563

My fee for arranging a mortgage is 1% of the mortgage amount with a minimum fee of £1,995.

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Your home may be repossessed if you do not keep up repayments on your mortgage.