Second Charge Secured Loans

A second charge loan can be an effective way of of releasing equity from a property you own. They are ideal if you want to consolidate debt, complete home improvements, or as an alternative to a remortgage.

With current mortgage rates at an all time low, if you are on a low tracker or your lenders standard variable rate, then a re-mortgage may not be the most cost effective way to release capital from a property, but you are still able to capital raise with a secured loan without affecting your current mortgage rate.

  • Loans between £25k and £2.5m
  • No early settlement fees on secured residential home loans
  • Homeowners and Landlords only
  • Security in the form of a second charge
  • No Upfront Fees
  • All circumstances considered

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What are second charge secured loans

A second charge secured loan is quite often referred to as a second charge mortgage because it is a loan secured against the available equity in a property you own. The security is usually in the form of a second charge mortgage against the property which means that it sits behind and does not affect the primary (first charge) mortgage.

Do you qualify for a second charge loan?

Second charge secured loans can be considered under the following circumstances;

  • You must be a homeowner to get a second mortgage, although you do not necessarily need to live in the property.
  • Secured loans can be arranged against residential, buy to let and commercial properties
  • You must have equity available in your property to secure the loan against
  • Must be able to prove your income and ability to repay
  • Must be at least 18 years of age and "the property" must be in the UK
  • Overseas applications welcome

Second Charge Secured Loan Purposes

Secured loans can be made available for most legal purposes, including;

  • Settling tax bills
  • Raising a deposit for property purchases
  • Raising funds for business investment
  • Home improvements
  • Debt consolidation
  • Weddings
  • School/university fees
  • Car purchases
  • Dream holidays

How Charleston can help

With over 20 years experience and master broker status, Charleston are able to arrange commercial mortgages and re-mortgages with LTV's of up to 80% without additional security. With additional security Charleston can source mortgage loans up to 100% LTV of the value or purchase price.

Some of our Lending Partners