Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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If you are considering a second charge mortgage or second charge loan, Lending Expert can help you find the best rates from the whole of the UK market.
With the option to borrow up to £500,000 repaid over 1 to 30 years, our price comparison table allows you to compare the rates and terms offered by the UK’s most competitive secured lenders.
Your home will be used as security and can usually receive funds in a matter of weeks. Simply compare the different loan options provided and click on ‘Check My Eligibility.’ You will be asked to complete a few questions online and partnered with the award-winning Loans Warehouse, we can provide you a personalised quote today!
A second charge mortgage, commonly known as a ‘second mortgage’ or ‘second charge loan’ can be an effective way to raise funds without having to remortgage or leave your home.
Your home is used as a security, so it is also referred to as a secured loan, and this may be at risk of repossession if you cannot keep up with payments.
It is called the second charge because it is the second in line to be paid every month, with your main mortgage on your home acting as your first charge. So the LTV is likely to be lower than your first charge and the interest rates are a little higher, since the second charge mortgage lender is now second in line to receive payment.
A second charge mortgage means that you take a lump sum out of the mortgage which has already been paid on your home. You can use the equity of the home to secure the loan, meaning that you will have two mortgages on the house.
You can also only take out a mortgage on the equity which you have paid into the house, so for example a £200,000 house with £110,000 on the mortgage means that your second charge mortgage will only be available up to £90,000. You will need to discuss the equity with the lender before making any decision.
Today, second charge loans are very popular as a way to pay for home improvements, to consolidate debts or pay for large purchases such as an event, wedding, gifting to family members or to start a business.
Certainly in the case of debt consolidation, if you have multiple loans, student debt and credit card bills outstanding, you can settle the accounts much quicker if you can pay them off immediately and stop the interest and fees from accruing over time. Be aware that you are moving unsecured debt into secured debt which could put your house at risk.
Second charges can be popular for those who are unable to get approved for unsecured loans due a recent spell of bad credit or because they are self-employed. Or perhaps the rates are so favourable, it makes more economical sense than other traditional loans.
Equally, if you are looking to access some money, using a second charge loan can be more cost-effective than remortgaging. If you wish to remortgage within a certain timeframe, this can incur early repayment fees or you may find yourself paying more due to current rates or the increased value of your home. It is worth doing your homework beforehand and getting quotes from different lenders, but sometimes using a second charge mortgage is cheaper.
Yes, you can apply for a second charge mortgage for buy-to-let purposes or as a contractor. You may wish to take out a loan in order to build up or renovate another property to create an additional stream of income or as part of your job.
Our partners are willing to consider second charge loans for any purpose – simply submit your details in less than 5 minutes and get a provisional quote today!
Lending Expert works with second charge mortgage companies who offer £10,000 to £500,000 over 1 to 30 years – with the amount you can borrow based on your income, house valuation and equity in your current home.
Using a second charge mortgage may not be appropriate for every type of debt consolidation. If you are taking lots of credit cards and converting them into a secured loan, this could put your property at risk if you have no foreseeable plan to repay them on time. Some types of debt may be perfect for consolidation such as paying off student debt or school fees.
If you are already struggling to pay off your first mortgage payments, adding further debt on top may not be advisable. This could put you under greater financial pressure and put your house at risk of repossession.
Lending Expert is proud to be working with the UK’s leading second charge mortgage companies and Loans Warehouse, voted the number 1 secured loans broker in the country.
Offering a free and no-obligation quote, we require a few basic details which can be completed using our online form.
We have helped hundreds of people find the best second charge deals for them – changing their lives and giving them important financial freedom.
With no fees for applying and no impact to your credit score, simply enter your details using our form provided and we can give you an indicative quote today!
You should probably not get a second mortgage if you plan on moving home in the next year or two, but second charges are portable, so you can typically move them onto another mortgage or property. You may find also it is worth paying off the second charge in full and then getting a new mortgage deal altogether.
There are other types of loans that can offer sums of £15,000 or £25,000 which do not require using your home as security. This includes peer to peer loans, guarantor loans or personal loans (if you have a good credit rating). If you are over 55, you can also consider using equity release to withdraw money that is tied up in your home.
It is important to explore your options and that is why using a price comparison like Lending Expert is useful. You can also speak to your existing mortgage lender to find out how much equity you have in your property, the cost of remortgaging and whether this is more effective and also whether any early repayment fees apply. Understanding all your options including loan terms, rates and fees, will be essential to help you get the best deal possible.
Yes, for some people who struggle to get approved for loans due to be recently or long-term self-employed, our lenders are more likely to take a view and help you get the loan you need.
Yes, if you have bad credit, you can borrow via second charge, but be aware that falling behind on payments could put your property at risk of repossession.
Yes, you can use the second charge mortgage calculator here on the website. For a more accurate calculation of the costs and repayments then please check your eligibility here on Lending Expert for an accurate quote.
Check your eligibility and apply online for a second charge mortgage in the UK here on Lending Expert.
Loans displayed have a minimum term of 12 months and a maximum term of 360 months. Maximum APRC charged 49.9%.
Overall Representative Example for Secured Loans
Based on borrowing £18,000 over 120 months. Interest Rate: 6.5% fixed for 60 months with instalments of £227.38. Followed by 60 months at the lenders standard variable rate of 4.95% with instalments of £221.71. Fees Broker fee (£1,530); Lender fee (£495). Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee and Lender fee. Overall cost of comparison 9.1% APRC.
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If you're a homeowner and wish to consolidate your debts into an easy to manage loan we can help. Check your eligibility and compare rates with Lending Expert.
Take out and apply for a second charge mortgage with the help of our expert loan brokers.
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