Second Charge Loans

Second Charge Loans can be an alternative to Remortgages or a Further Advance

A second charge loan – sometimes called a secured loan – can be a good option if you’d like to borrow money while leaving your current mortgage in place. The new loan is secured on your property and is available for many different purposes. It can allow you to avoid the cost associated with a re-mortgage – an option taken by many customers who are unaware of the second charge market.

Landlords can arrange to release funds from their Buy to Let properties using a second charge loan. This can be cheaper than a Bridge Loan with the option of having the loan over a longer period.

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What can these loans be used for

A Second Charge loan can be used for many different purposes, including home improvements, debt consolidation, to buy a new car or even business purposes except business start up. Loans can be arranged for self employed or employed clients. If you have had historical bad credits, often you are unable to get a new mortgage and your own lender might not be able to offer a further advance. Taking out this type of loan can allow you time to repair your credit and then refinance later at a better rate.

Second charge loans can be a good alternative if you are locked into a fixed rate which requires an early redemption charge (ERC). A second charge loan is a real alternative allowing the client to raise additional funds without incurring these charges

As the loan is secured against your home, it gives lenders an extra level of security. As a result, these loans are usually for larger amounts of money.

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Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.
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Disclaimer: Financial Service Solutions Ltd has never now or has ever been involved with any companies of a similar name. Financial Service Solutions Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421