Why does this site not publish a typical second charge rate?
This site does not publish a typical, average or from rate for second charge mortgages. The rate a person may be offered depends on their circumstances, the property, the amount and term, credit history and the product a lender is willing to consider. A single figure on a webpage would not be a reliable guide for any one reader.
The Second Mortgage Company is a trading style of COLOFS.co.uk LTD, is an Introducer Appointed Representative (FCA number 982062) of Loans Warehouse whose office address is 1a, Blackmoor Lane, Watford WD18 8YW, who provides mortgage products and services.
ImportantAs 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.
A published market table would also go stale quickly, and could be mistaken for an offer. The rates page explains cost components such as APRC and fees without stating a current rate.
What makes a second charge rate individual?
Lenders price a second charge against a specific application. Combined borrowing against the property, the amount and term, income and outgoings, credit history, the type of property and whether the rate is fixed or variable can all change the outcome. Two people asking for a similar amount can be offered different terms, or no terms at all.
Common assessment areas include:
- Combined secured borrowing measured against the property value
- The amount and term requested
- Credit history, including how recent any issues are
- Income, regular outgoings and affordability
- The type of property and the purpose of the borrowing
- Whether a product is fixed or variable
None of those factors is used here to infer a particular applicant's likely rate. See second mortgage eligibility for a fuller list of what lenders may consider.
How can you research costs without a market rate table?
You can read how rates and APRC work, use the illustrative calculator with an example rate you enter yourself, and start a quote for a personal illustration through Loans Warehouse. None of those steps is a published market rate. The calculator is an example only; a quote is not an offer or a lending decision.
Useful next steps:
- Second charge mortgage rates for APRC, fees and what to compare.
- Illustrative repayment calculator using a rate you choose, not a rate this site supplies.
- Start a quote if you want the enquiry sent to Loans Warehouse for assessment.
How does Bank Rate relate to a personal rate?
Bank Rate is the Bank of England's official rate and is useful context for variable lending. It does not set a second charge rate for any applicant. Lenders use their own funding costs, margins and assessment of the case. A change in Bank Rate may be followed by product changes over time, but not as a fixed formula.
See the Bank of England Bank Rate database for the official dated series, and HELOC rates for how a reference rate and a lender margin can combine in practice.
How do you get a personal illustration?
A personal illustration starts with the Get a quote enquiry on this site. The form is sent to Loans Warehouse, which contacts you and handles advice, assessment and credit checks. That process is not a published rate, a guarantee or a lending decision. The calculator can be used first if you want an example repayment using a rate you choose.
Start an enquiry when you are ready. For the process in plain language, see how it works.
Sources
- Second charge or second mortgages (MoneyHelper)
- MCOB handbook (Financial Conduct Authority)
Frequently asked questions
Do you publish current second charge rates?
No. This site does not publish a current, typical or from rate for second charge mortgages. A figure on a webpage would not match most applicants, because lenders price each case. The calculator can show an example repayment using a rate you enter. A quote is the route to a personal illustration.
Why can you not show a typical rate?
A typical rate would mix unlike cases into one number. Loan amount, term, property, existing mortgage, credit history, affordability and product type can all change the price, or mean no product is offered. Showing one rate would look more precise than it is, and could be read as a quote.
How can I estimate a repayment?
The illustrative calculator lets you enter an amount, term, example rate, repayment type and optional fees. It is not a quote, eligibility check or lending decision. Change the example rate to see how the figures move. For a personal illustration, start an enquiry. It is sent to Loans Warehouse for assessment.
Does Bank Rate set my second charge rate?
No. Bank Rate is useful context for variable lending, but it does not set a second charge rate for any applicant. Lenders use their own funding costs, margins and assessment of the case. A Bank Rate change may be followed by product changes over time, though not as a fixed formula.
How do I get a personal illustration?
Start an enquiry on this site. The form is sent to Loans Warehouse, which contacts you and handles advice, assessment and credit checks. That is not a published rate, a guarantee or a lending decision. Use the calculator first if you want an example repayment with a rate you choose.