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.