[vc_row full_width=”stretch_row” type=”container” padding_top=”” padding_bottom=”” css=”.vc_custom_1582107346438″][vc_column width=”1\/2″ el_class=”container” css=”.vc_custom_1582108095545{margin-top: 160px !important;}”][vc_column_text]<\/p>\n
You\u2019ll find answers below to the questions that we are asked most often, but if there is a query that we haven\u2019t addressed please do get in touch. We would be more than happy to talk through any aspect of our service with you.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_single_image image=”71381″ img_size=”large”][\/vc_column][\/vc_row][vc_row type=”container” padding_top=”” padding_bottom=””][vc_column][vc_toggle title=”What is a Second Mortgage \/ Second Charge Mortgage?” color=”blue”]A Second Mortgage, also regularly referred to as a \u201cSecond Charge Mortgage\u201d is a form of secured loan which uses the borrower’s home as security.[\/vc_toggle][vc_toggle title=”When are Second Charge Mortgages Used?” color=”blue”]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.[\/vc_toggle][vc_toggle title=”What is the maximum Loan to Value (LTV) I can get for a Second Charge Mortgage on my property?” color=”blue”]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.<\/p>\n
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.[\/vc_toggle][vc_toggle title=”How do I know I\u2019m getting the best second charge mortgage deal?” color=”blue”]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.[\/vc_toggle][vc_toggle title=”Is a second charge mortgage a bigger risk compared to other borrowing?” color=”blue”]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.[\/vc_toggle][vc_toggle title=”Do you get good interest rates with second charge mortgages?” color=”blue”]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.[\/vc_toggle][vc_toggle title=”How long can I take out a second charge mortgage over?” color=”blue”]You can take out a second charge mortgage over anything from six months to 10 years.[\/vc_toggle][vc_toggle title=”I have bad credit, can I still get a second charge mortgage?” color=”blue”]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.<\/p>\n