Second Charge Mortgage FAQs

A Second Mortgage, also regularly referred to as a “Second Charge Mortgage” is a form of secured loan which uses the borrower’s home as security.

They are often used to raise money if borrowers are either unable, or unwilling, to re-mortgage their existing mortgage due to excessively high Early Repayment Charges (ERCs), or alternatively to get an unsecured personal loan.

The exact amount of the Loan to Value you can borrow on a Second Charge Mortgage does vary depending on your exact circumstances and also across the different lenders available.

Before Covid-19 hit the UK, you could borrow up to a maximum of 100% of the value of your property. However, since then, all Lenders have now reduced their lending exposure and therefore for the time being, the maximum you lend up to is now capped at circa 85% across all Second Mortgage / Second Charge Mortgage lenders.

Second charge mortgages are specialist types of mortgage and only specialist mortgage brokers like Second Charge Mortgage UK will have access to all the available deals. As a whole-of-market broker with many years of experience in this area of finance, we are able to find the best deals for our customers.

When you take out a second charge mortgage, the loan is secured against your home, so failing to make payments puts your home at risk, which is why we fully assess your financial situation to make sure that this is the right option for you.

Yes, the reason that many people choose to take out a second charge mortgage instead of an unsecured loan is because it gives them more options to lower interest rates. We are able to find the best interest rates available depending on your personal circumstances.

You can take out a second charge mortgage over anything from six months to 10 years.

Yes, even if you have adverse credit, the team at Second Charge Mortgage UK should be able to review the whole market to find a solution that suits your financial circumstances. We work with a wide range of different lenders to find the best mortgage products.

You can check your credit score, with a 30 day Free Trial with Check My File which can be cancelled at anytime.

Whilst we are able to provide free advice to people looking for the right financial solutions, when you go ahead with a product we find for you and recommend, we do apply a charge. This is only applied when you are fully happy with the mortgage deal that we present to you and you decide to go ahead with it.

When you choose Second Charge Mortgage UK, you will be allocated with a dedicated Case Manager that will handle your application from start to finish. You will be able to speak to your advisor to ask any questions that you may have and you will also be provided with updates through the online WiiN portal which you can access 24/7.

The majority of lenders do not offer expertise in specialist mortgages such as second charge mortgages, whilst we have many years of experience in working with this type of mortgage. We have a thorough understanding of the market and assessing which deals are the best options depending on each applicant’s individual circumstances. We also provide the highest level of customer service and offer a more personalised, expert service than if you were to use a company where you can only speak to call centre agents.

We work with all of the Second Charge Mortgage Lenders on the market, ensuring that we explore every possible Lender to find the most suitable deal for our customers. We assess each individual application to find the deal that works out best for the applicant.

This varies depending on the lender but the information required will usually include your income, property value, outstanding debts and outgoings. When we identify the best lender for your circumstances, we will then be able to advise you whether any further information is required.

We can get you a very quick decision on your Second Charge Mortgage application. The full application process varies depending on details such as how much you are borrowing, any special circumstances and how long it takes you to gather the required documents. We will be able to tell you which documents the Lender requires so that you can start obtaining the required documents as early as possible to make the process faster.