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Second Charge Mortgages

Whether you are looking to consolidate your debt, reduce your monthly outgoings or even finally get round to those home improvements that you have been planning, a second charge mortgage could be the solution. Giving you an easy way to raise the funds you need without having to remortgage your property, you can chat to one of our expert second charge specialists to discover your options and how much you could borrow.

Borrow from £10k-£3m

We can help you find suitable second charge mortgage options tailored to your unique needs and budget.

Compare lenders & deals

Through us, you can get access to our wide panel of lenders and the latest deals on the market, including exclusive deals not available direct.

Rated Excellent

We strive to do all we can to support you through your finance journey, so we're proud to be rated 4.8/ 5.0 by our happy clients.

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

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Why choose a Second Charge mortgage?

The finance you need when you need it

A second charge mortgage, or a homeowner loan as it is also known, is a type of loan that is secured against your home, that can be used for a wide range of purposes. 

Reasons to consider a second charge mortgage

Benefits to choosing a second charge mortgage as opposed to remortgaging include:

Second Charge Mortgage Representative Example

Based on borrowing £37,000 over 10 years (120 months) with 60 monthly repayments of £501.53. Annual Interest Rate 7.99% fixed for 60 months, then variable for 60 months. Representative APRC 11.7%, total amount repayable £62,165.80. Includes a broker fee of £3,325 and a lender fee of £995.

See if a second charge mortgage could be an option for you

To discover more about second charge mortgages, you can head over to our helpful guides for more information, or even check out our second charge mortgage calculator.

We have relationships with a lenders across the market including high street banks and specialist lenders. Here’s just some of them…

United Trust Bank logo
MT Finance logo
Pepper Money logo
Equifinance logo
West One Loans logo
Octopus Real Estate logo
Selina logo
Tandem logo

Why choose The Loan Partnership

Mortgage experts

You'll get decades of combined mortgage experience at your disposal to help you find the most cost effective funding solution.

Speed of service

We have the industry relationships to deliver the decisions and finance you need quickly and easily.

Award-winning mortgage brokers

We're proud to have won several awards and be rated Excellent by our clients.

Dedicated support

With us, you'll get a dedicated advisor to manage your application and keep you up to date.

Lender Panel

We work with lenders from across the market and can give you access to the latest deals.

FCA Authorised

We're authorised and regulated by the Financial Conduct Authority.

how it works

Quick & easy application process

We do all we can to take the legwork out of getting the property finance you want. So here is how it works at TLP and how we’ll support to get your mortgage approved. 

The Loan Partnership process 1

Chat to a mortgage expert

It all starts with a quick chat with one of our finance experts. You can tell us all about what you need and then we’ll get to work.
The Loan Partnership process 2

Discover Your Options

You’ll receive a personalised quote with suitable options for your property with a full breakdown of costs & savings.
The Loan Partnership process 3

All the way to completion

You’ll get a dedicated advisor to support your application every stage of the process. We’ll regularly keep up to date you and are here if you have any questions

What our client says?

Proud to be rated Excellent by homeowners, landlords and property investors across the UK. 

5/5

“Every so often you come across an individual that shines above all others and Nicola Hughff personable manner and professionalism is one that is rarely seen. A huge credit to The Loan Company. AAA*”

05 July 2023​

5/5

“First-rate company. Russell and Sarah at The Loan Partnership are very professional and helpful. Highly organised and on top of their brief. They were able to find the right finance product for my requirements and helped me at every stage of the process.”

28 June 2023​

FAQs

The answers to the big second charge questions

A second charge mortgage is quite simply an additional mortgage on top of your existing first mortgage. 

Also known as a ‘secured loan’ or a ‘homeowner loan’, as the mortgage is typically secured against the equity that you already own on a property. 

It is important to keep in mind that if you take out a second charge mortgage, you will repay this at the same time as your existing mortgage and if you don’t keep up with repayments, your property will be at risk. 

Unlike some other types of finance, you can use a second charge mortgage for almost any (legal) reason. 

The most common reasons why people secure a second charge mortgage include debt consolidation, purchasing a large item like another property or car, paying for a wedding or honeymoon, home improvements, investing in a business, clearing a tax bill or paying for school or university fees.

If you have a particular reason for needing additional funds, chat to the team to check your full eligibility. 

Here’s the good news, applying for a second charge mortgage is typically a quicker process compared to getting a first charge mortgage. 

How long it will take will depend on your individual circumstances and several factors such as the lender that you choose, how much you are looking to borrow and your financial situation but the process is typically 4-6 weeks. In some cases, it can be secured faster, so it is always worth chatting to our team if you have a short deadline. 

Yes, it should be possible to get a second charge mortgage, even if you have a bad credit history. In some cases, it can actually be easier to get a second charge mortgage, than other forms of finance.

This is because the mortgage is secured against your property so viewed as a lower risk for lenders, compared to other forms of loans.

Some lenders even offer dedicated bad credit schemes and your advisor can help you find a suitable solution to find your requirements and credit history. 

If you sell your property or move, you will need to clear your second charge mortgage.

Some lenders may agree to transfer the second charge mortgage to the new property, but this will depend on the lender you choose and the terms of your mortgage. 

It is important to remember that if you do sell the property you could be liable for early repayment charges (ERCs), so it is worth discussing this with your advisor during the application process. 

Ready to check your eligibility?

If you would like to find out more and start your application today, you can get in touch here or call us now on 01923 250090.

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