Second charge loan
The short answer
Secured borrowing without remortgaging
- Price from
- On quote
- Time on site
- 1 to 2 hours
What you get
Expert advice on second charge loan options, helping you access funds from your property's equity for various purposes without disturbing your existing main mortgage.
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When do you need a Second charge loan?
You need a second charge loan if you require a substantial sum of money for purposes like home improvements, debt consolidation, or business investment, but wish to avoid remortgaging your main mortgage. It is also an option if your current mortgage has high early repayment charges.
What happens on the day
A finance advisor will discuss your reasons for borrowing, your financial situation, and the equity available in your home. They will explain how second charge loans work, assess your eligibility, and present suitable product options with associated costs.
How to prepare
- Gather details of your existing main mortgage, including outstanding balance.
- Have an estimate of your property's current market value.
- Prepare details of your income, outgoings, and any other debts.
- Clearly define the purpose for which you need the funds.
- Bring photo ID and proof of address.
How to improve your result
- Maintain a good credit score to access better rates.
- Ensure your property valuation is as accurate as possible.
- Have a clear plan for how you will use the borrowed funds.
- Reduce any other unsecured debts if possible to improve affordability.
Why it is useful day to day
Provides a flexible way to access significant funds from your property's equity without incurring penalties or losing a favourable rate on your main mortgage.
Why we ask these questions
We ask about your property value, outstanding first mortgage, income, and reasons for borrowing to determine how much you can borrow and which lenders might be suitable. This helps us find the most competitive rates and ensure affordability.
Frequently asked questions
Often needed alongside
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Let your home and buy another
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Commercial mortgage
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