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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

Product Highlights

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
A great solution for your clients

Latest Insights & News

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