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.
|
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 |
Second charge mortgages aren’t just for debt consolidation and home improvements -
Our second charge mortgage could offer a great solution to your clients who find themselves in the following circumstances:
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.
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