Second Charge Applications | The Second Mortgage Company

How to complete a second charge mortgage in record time


Did you know it’s actually possible to complete a second mortgage application in just 7 days? This does depend to an extent on the lender requirements but if you’re hoping to secure funds via a second mortgage as quickly as possible then follow our advice below.

The most important factor to ensure a quick completion of your application is to make sure that all of the information you provide to us is complete and accurate. This includes the value of your property, the amount of the mortgage owed against the property and details of your income and outgoings. If we have all of the correct information at the earliest opportunity then it enables us to fully assess your application and provide a realistic indication of what loan size and terms we can potentially offer you.

It also speeds things up if you return any requested paperwork as quickly as possible. The quicker we can understand your situation the quicker we can assess your application and apply for any relevant references. It may be that we need to write to your first mortgage lender to obtain their consent for a second charge to be registered. If this is the case we would require your signed authority for them to divulge this information to us.

There can sometimes be a slight delay in the process if we have to instruct a surveyor to come and value your property but having said that, more and more lenders are happy to proceed with desktop valuations when assessing the equity in a property. Some lenders might go down the route of using a drive-by valuation which involves them firstly looking at your property from the road before then researching the sale prices for local similar properties and arriving at a valuation figure. The benefit here is that you don't have to wait at home for a surveyor to visit.

In summary, the best way to ensure a swift completion is to provide us with accurate information and return the requested paperwork as quickly as possible. Then, simply leave it to us!

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.

Why not call us for free? 0800 0831593