What is a Second Charge Mortgage?

Also referred to as a Secured Loan or Homeowner Loan. 

A Second Charge Mortgage is a way of raising finance against your property for any legal purpose and is an alternative to a Re-Mortgage or Further Advance. 

The loan will be secured against the property behind your main Mortgage (1st Charge). 

What can i use the loan for?

You can borrow for any legal purpose, the most popular are:

  • Home Improvements
  • Clearing other debts
  • Holiday

Are there age restrictions?

There are lenders that will allow people to borrow between the ages of 18-85, however each lender has their own set criteria and therefore the age limits can vary from lender to lender. 

Can i pay the loan back early?

You can pay the loan back early and this will reduce the interest you will pay back, however there may be early repayment charges. These can vary from lender to lender but will be explained before you choose to proceed. 

Can I still get a Second Charge Mortgage if i have a low Credit Score?

Yes, just because you have been turned down with one lender doesn't mean there isn't another option for you. 

A number of Second Charge Lenders work to a set criteria as opposed to a minimum score required and therefore this means that there may still be options if you have had credit issues previously. 

How long will it take to get the money?

A Second Charge Mortgage can involve a bit of paperwork but providing you complete everything fully, accurately and as timely as possible, there is no reason why it can't be turned around quickly. This can range anywhere between a few days to a few weeks depending on the complexity of the application.