Second Charge Mortgages

Taking out a second charge mortgage is a route you should explore if you want to raise money on a property that you own.

Many people take out these mortgages to raise money for debt consolidation, home improvements, raise a deposit for another property purchase or many other reasons.

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Second Charge Mortgages

If you are looking to raise money against your home or a property you own you should explore second charge mortgages as a way to achieve this. Here we talk about this finance option in detail.

What are Second Charge Mortgages?

As a property owner you may want to raise money against your property for a variety of reasons such as home improvements (for example, loft conversion, new kitchen & bathroom, conservatory etc), or maybe you want to consolidate your debts to reduce your monthly outgoings, or perhaps you want to raise money for a new car, or deposit for another property. There can be many reasons for capital raising against your property and this can be achieved by taking out a second charge mortgage against your property – also known as a Secured Loan.

Ways you can borrow money?

When borrowing money you should explore all possible ways in which this could be achieved such as:

  • Unsecured Personal Loan – Typically these are over 5 years and you can borrow between £500 to £25,000.
  • Further Advance with your existing mortgage lender.
  • Second Charge Mortgage (Secured Loan) – These can be £10,000+ and over a term of 25 years.
  • Remortgage – Typically £25,000+ and over a term of 25 years.

There will be pros and cons to the above mentioned ways of borrowing money. You should thoroughly explore all your options and this will allow you to make the right decision going forward.

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What to Expect from The Money Hub

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

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Second Charge Mortgage FAQ's

What is a Second Charge Mortgage?
This is a secured loan against your home or a property you own. This sits behind your existing mortgage lender and people typically take these out to raise money for home improvements or debt consolidation.
Where can you get a Second Charge Mortgage?
These mortgages are provided by specialist lenders and you can access these through mortgage &/or loan brokers.
How long does it take for a second charge mortgage to be arranged?
Typically it takes around 4 weeks from start to completion. Working with an experienced broker is key to making sure your application goes through smoothly without unnecessary delay.