Second charge loans are available for residential or buy to let and are ideal for your customers looking for an alternative to a remortgage, consolidate debt or complete home improvements. If you are a landlord buy to let second charge loans can also help you to raise capital.
Why take a second charge?
• If your credit rating has worsened since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage, rather than just on the extra amount you want to borrow.
• If your mortgage has a high early repayment charge, it may be cheaper for you to take out a second charge mortgage rather than to remortgage.
• If you’re self-employed and are struggling to get some form of unsecured borrowing such as a personal loan.
• You may only need short term funding or quick access to funds.
Think carefully before securing other debts against your home.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.