Second-charge loans are often referred to as second mortgages because they have secondary priority behind a main (or first-charge) mortgage. They are usually used as a way to raise further money against the equity in a property when it is not possible or preferable to increase the first mortgage. We can help you access second charge loan options on residential, Buy-to-Let and commercial properties, whilst also being able to arrange them on a long-term basis e.g., 25 years or on a short term ‘bridge’ basis of say up to 12 months.
Some of the reasons you may want a second charge mortgage?
- Capital raising on Buy-to-Let properties to finance the deposit for a new property purchase.
- Your client’s main mortgage is on interest only and they do not want to remortgage on to repayment.
- Your client wants to avoid paying early repayment charges by remortgaging.
- Your client does not want to lose the favourable interest rate on their existing mortgage.
- Your client requires finance faster than can be achieved through a standard remortgage.
- Your client wants to borrow beyond retirement age.
- Your client has acquired some adverse credit since taking out the main mortgage and is unable to find a suitable remortgage deal.
- Your client wants to keep the new loan separate from their main mortgage.
- Your client’s circumstances may have changed since taking out their original mortgage and they require a lender that has more flexible criteria.
- Your client wants to raise money to pay a tax bill.
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.