Second Charge Mortgages

Free up equity for a range of purposes, leaving your client’s existing mortgage in place. This type of funding can help your clients avoid the costly process of remortgaging, which is often the ‘go to’ option for many customers who are unaware of the second charge market.

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Product Highlights

  • Rates from 3.8%
  • Lending from £10k to £500k
  • No ERCs and no charges for overpayments
  • £0 lender fee available
  • Repayment periods from 3 to 30 years
  • Borrowing up to 75% 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

Criteria at a glance

Term

3 – 30 years

Age

Minimum age of 21 years and no older than 85 years at the end of the mortgage term

Location

England, Wales & mainland Scotland

Security

The loan must be secured on the applicant’s primary residential address

Property value

Minimum property value of £70,000

Employment

All applicants must be UK based and in receipt of taxed income in £ sterling

Minimum time in employment – 3 months

Minimum time in self-employment – 12 months

Mortgage history

Minimum mortgage history required is 12 months

Download our criteria guide

What can a second charge mortgage be used for?

Second charge mortgages aren’t 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
A great solution for your clients

Case Study Corner

Working closely with the broker, we helped a couple raise funds of £407,830 on their existing residential property, so that they could purchase a second property to redevelop.

Case Study Corner
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