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
I have been working with James Hardwick who has been extremely professional and approachable at all times. He has dealt with all issues regarding the others parties – very happy with the service provided
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
- 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.