Second charge mortgages are often referred to as second mortgages because they have secondary priority behind your main mortgage. It is a loan which uses your home as security and many clients use them as a way of raising money as an alternative to a remortgage. It means that you will have two mortgages on your home.
Before obtaining a second mortgage it is important to speak to your existing mortgage lender first to see if they can help. This will be cheapest and quickest way of obtaining the required borrowing.
There are a few situations where a second mortgage is preferential to a remortgage, if for example, your credit history is not as strong as it was when you took out your original mortgage, remortgaging may land you with a worse deal. Additionally, your current mortgage may have high early repayment charges, making a change unaffordable.
The application process for a second charge loan is very similar to the one you will have gone through when you took out your original mortgage, you will need to provide evidence of your income, payslips, bank statements and a proof of identity like a passport.
There are a lot of second charge mortgages available on the market, it is worth talking with Falbros to explore all your options.
Alex Ewen, head of sales at Falbros, says it is important awareness of second charge loans improves among brokers following new second charge mortgage market figures. The market saw new business increase 33% by value and 22% by volume in J
News - 25 August 2017
Jon Sturgess, head of sales at Masthaven, has revealed the company has completed its largest second-charge mortgage. The loan, for £457,885, has been arranged with Intelligent Loans and follows previous business of a similar nature between
News - 23 August 2017
A desire to deliver indispensable information to fulfil an unmet need was the driving force that led Falbros to launch an online bridging loan directory aimed at consumers and intermediaries. That's according to Ryan Decorsie Ewen, Head of
News - 05 June 2017
We have a range of calculators to help make things simpler for you, from calculating payments to understanding how much your stamp duty may be. These calculators are for guidance purposes only.
Our mortgage brokers offer mortgage advice on a wide variety of mortgages, more detailed information about the different mortgages can be found below.