Second Charge mortgages
The Loan Partnership specialise in sourcing and arranging Second Charge mortgages. Typically used for the consolidation of existing credit or home improvements, Second Charge mortgages often represent a great way of raising funds without the need to re-mortgage your property. Sometimes called ‘homeowner’ loans, Second Charge mortgages are secured against your home.
Our decision making process isn’t solely based on a credit score. Because there is security for the loan, we can look at each application individually to try and find a way to help, and we never charge any up-front fees. As a loan broker, we can shop around our panel of lenders for you to find the loan we believe to be right for you. Most of our lenders don’t advertise directly, they only deal through loan brokers like The Loan Partnership, and they do stringent checks on us before they allow us to arrange loans on their behalf.
Why choose a Second Charge mortgage?
Because you are providing security for your loan, this enables our lenders to offer loans to applicants who:
- Are self employed, and perhaps struggle to prove their income with accounts
- Have a poor credit history – perhaps some arrears on a mortgage or loan, or a County Court Judgement
- Are looking to borrow more money than would be available with an unsecured loan
- Are looking to borrow over a longer term than would be available with an unsecured loan
- Need to consolidate existing unsecured credit
Almost any reasonable purpose for borrowing is considered.
How to apply for a Second Charge mortgage?
If you would like to apply for a loan, there are two easy ways you can do this. Either:
- Give us a call right now on 01923 250 090, or
- Click here to complete our short on-line application.
We will work on your application as quickly as possible and come straight back to you with how we can help.
Second Charge Mortgage Representative Example
If you borrow £43,000 over 17 years at a rate of 10.10% variable, you will pay 204 installments of £457.25 per month and a total amount payable of £93,279.00. This includes the net loan, interest of £48,780.00, a broker fee of £1100.00 and a lender fee of £399.00. The overall cost for comparison is 11.2% APRC variable.