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Can you get a second charge mortgage with bad credit?

In a nutshell…yes it can be possible to get a second charge mortgage even if you have a bad credit history or a currently low credit score. In many cases it actually may be easier to secure a second charge loan, compared to a traditional unsecured loan or a remortgage. This is because a second charge mortgage is secured against your property, reducing the risk for lenders and increasing the amount that you may be able to borrow, which is typically the amount of equity that you have in your property.
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That being said, how much you can borrow, how much it will cost and what interest rates you will be fully eligible for will depend on your individual circumstances, which is where working with a broker experienced in securing second charge mortgages with adverse credit can really help.

During the application process you will need to provide evidence of your income and declare any CCJs, defaults, bad debt, missed payment, IVAs or bankruptcy, as understandably the lender will want to ensure you can afford the mortgage, on top of all your current expenses. Don’t worry though our team has years of experience of dealing with homeowners applying for a second charge with complex credit issues, and by providing this information upfront, we will be able to quickly pinpoint the lender that will accept your personal circumstances.

In many cases we have actually helped clients to consolidate their existing debt into one single monthly payment through a second charge mortgage, making it easier for them to pay back and creating a much more comfortable financial position for them long term.

After chatting with one of our advisors, if a second charge mortgage is right for you, we will proactively discuss your unique application with a range of bridging lenders to ensure that you fit their criteria before submitting the application.This reduces the risk of nasty surprises further down the line and will potentially save you both time and money from being turned down by the lender, something nobody wants.

Being able to use a second charge mortgage for a huge range of reasons means it can provide extra cash when you need it most, even if you have bad credit or a low credit rating.

To discuss your options and discover if you could be eligible for a second charge loan, talk to us on 01923 250090 or apply for more info here and the team will be in touch shortly.  missed payment