Why Choose A Second Mortgage

FLEXIBILITY TO RUN ALONGSIDE YOUR EXISTING MORTGAGE

If you’re currently enjoying the benefits of a competitive mortgage – be it fixed rate, discounted or a base rate tracker – then it might be in your best interests to stick with it. This is the perfect example of when it might be better to consider a second mortgage as opposed to remortgaging to a new first mortgage.

SAVE MONEY BY AVOIDING EARLY REPAYMENT CHARGES

Many mortgages will have early redemption charges (ERC’s) included for if you repay them fully before the full term. We recommend you check your mortgage terms and conditions.

If you do face ERC’s a way round these is to instead consider a second mortgage loan. Then at the end of any ‘tie-in’ period you can review your options – either remortgaging or maintaining the second mortgage depending on market conditions and your personal situation at the time.

EASILY RAISE FUNDS FOR ANY PURPOSE

Second mortgages don’t have to be property related. Of course they can be obtained for home improvements or property extensions but many of our lenders are prepared to consider lending for things such as debt consolidation, payment of a tax bill, business expansion, school fees or weddings. Contact us to find out more.

FREEDOM TO BORROW AGAINST A BUY-TO-LET PROPERTY

A number of our lending partners are happy to consider lending against a buy-to-let property so ask one of our team for more information. We would recommend obtaining independent tax advice about this option. 

GENEROUS AFFORDABILITY CRITERIA

While some of the high street banks can be cautious when it comes to including overtime and bonuses within your income assessment many of our partner lenders are often a little more flexible. If this extra income is seen as regular and consistent then our lenders are often prepared to consider it.

What our customers say

Average Star Raiting 4.22/5

"Communication was very good, we were kept very well informed throughout the process"

"We received the money today and I am so happy and grateful to the team. I wish you all the best and thank you for making me feel valued"

"Very prompt with verbal/written communication and very helpful with any questions/issues we may have had. The customer service we received was great!"

"Email communication was very quick indeed"

Some lenders we have access to

7.2% APRC Representative. Representative example – Assumed borrowing of £47,000 over 180 months at an annual variable interest rate of 6.35%. There would be 180 monthly instalments of £418.41.
Total amount payable £75,313.80 comprised of loan amount (£47,000), interest (£26,824.80) Broker fee (£995) and lender fee (£495). This would result in a total cost of 7.2% APRC

The Second Mortgage Company is a trading style of Second Charge Funding Limited which is authorised and regulated by the Financial Conduct Authority.  Our Firm Reference Number is 619278. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Registered Office Address is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.  Registered in England and Wales.  Registered Number 08623677

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.

Why not call us for free? 0800 0831593