Second Charge Mortgages

For building memories, not just extensions.

Second charge funding can often be a better solution than a potentially costing re-mortgage, allowing your clients to free up equity for a range of purposes while leaving their existing mortgage in place.

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Product Highlights

Rates from 4.20%
Lending from £5k to £500k
No ERCs and no charges for overpayments
Repayment periods from 3 to 30 years
Borrowing up to 85% of the property’s value (less existing mortgage)
Cater for customers with historic credit issues and/or those with unconventional income, including contractors

Download our product guide

Second Charge Lending Criteria

We pride ourselves in being transparent with our criteria so you know where you stand when submitting a case to use.

You can explore our second charge lending criteria or download as a PDF document.

If your client does not meet all conditions, applications may still be considered.

Browse Second Charge Lending Criteria

Download Second Charge Lending Criteria

Criteria at a glance…

Maximum age: 85 at the end of the loan term
Minimum time in property: 3 months and must be owner occupied
Minimum income: There is no minimum income threshold
Minimum property value: £70,000

What can a second charge mortgage be used for?

Not just for debt consolidation and home improvements:

Business purposes (excluding start ups)
Deposit for additional property purchase (i.e. BTL or holiday home)
Repay a tax bill
Holiday
Medical procedures
Car purchase (maximum term is 5 years)
School fees
Wedding
Gifting money to a child
Transfer of equity
Lease extension
Repay Help to Buy

What can a second charge mortgage be used for?

A great solution for your clients

Our second charge mortgage could offer a great solution to your clients who find themselves in the following circumstances:

Your customer has a competitive first charge interest rate that would be lost if they remortgaged
Their circumstances have changed and can no longer attract favourable terms as they had in the past or they have been declined
If your customer has an interest only first charge, a remortgage would require the entire debt to be repaid on a full repayment basis which may result in more expensive repayments
Their first charge mortgage is subject to ERCs
They require lending on a short-term basis
Customers want to borrow £25k+ and unavailable on a personal loan

Latest Insights & News

Seconds

Shawbrook Bank help couple secure funds to renovate dream home, despite criteria challenges

The specialist bank moved the case to Offer within just 3 weeks!

Read now

News

Brokers remain optimistic about the lending environment despite the impact of the Covid-19 pandemic

The most recent Shawbrook Broker Barometer reveals a positive sentiment amongst brokers, as the UK emerges from the Covid-19 pandemic.

Read now

Seconds

Shawbrook issues offer on a second charge mortgage in just 24 hours

Fluent Money approached us with a client based in Scotland looking to consolidate existing debt to lower their monthly payments, and also raise funds for some much needed renovations on their home.

Read now

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