Second Charge Mortgage Experts | The Second Mortgage Company

Why Choose A Second Mortgage

FLEXIBILITY TO RUN ALONGSIDE YOUR EXISTING MORTGAGE

Second mortgages are incredibly flexible. 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 charge mortgage.

SAVE MONEY WITH A SECOND MORTGAGE BY AVOIDING EARLY REPAYMENT CHARGES

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

If you do face early repayment charges, a way around 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.

A SECOND CHARGE MORTGAGE ALLOWS YOU TO EASILY RAISE FUNDS FOR ANY PURPOSE

Second mortgages don’t have to be property related. Although second charge mortgages in the UK can be obtained for home improvements and property renovations, many of our lenders are prepared to consider lending for purposes such as debt consolidation, payment of a tax bill, second mortgages for 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 in the form of second mortgages, 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 second charge lenders are often more flexible. If this extra income is seen as regular and consistent then our lenders are often prepared to consider it.

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"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"

Representative Example: If you borrow £46,000 over 15 years at a rate of 8.40% variable, you will pay 180 instalments of £499.13 per month and a total amount payable of £89,843.40. This includes the net loan, interest of £38,853.40, a broker fee of £3,995 and a lender fee of £995. The overall cost for comparison is 10.7% APRC variable.

The Second Mortgage Company is a trading style of COLOFS.co.uk LTD who are an Introducer Appointed Representative (FCA number 982062) of Loans Warehouse - Office address 1a, Blackmoor Ln, Watford WD18 8YW, who provide mortgage products and services.  There are no fees or charges associated with using this website. This service is free, we do not charge you for this service. Our partner FCA authorised broker pays us an introductory fee only on applications that complete.  UK Registered address: Unit 6, Riverside Business Centre, Brighton Rd, Shoreham-by-Sea BN43 6RE. Registered under Data Protection Act ZA150666.

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

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