Second Charge Mortgages
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Check your eligibility for a second charge mortgage in minutes
Loans from £5K to £500K
All credit types considered
Won’t harm your credit score
Second Charge Mortgages
Second charge mortgages, sometimes called secured loans or or homeowner loans, let you borrow money against the equity in your property.
Debt Consolidation
Home Improvements
Help with poor credit
Any legal purpose
Am I eligible?
Eligibility can vary between lenders. As a general rule, you are likely to be eligible for a second charge mortgage if:
You are a homeowner with a mortgage
You are able to afford the loan repayments
You are able to prove your income from work
You have enough equity in your property to act as security
Think carefully before securing debts against your home. Your home could be repossessed if you fail to keep up with payments on a mortgage or other debts secured against it.
Why use a broker?
Exclusive rates
In many cases the most competitive interest rates are only available through mortgage brokers.
Access to multiple lenders
Brokers have access to a large network of lenders, and are able to find the best deals on the market.
Expert guidance
We’ll introduce you to a qualified advisor to guide you through the process, understanding your needs helping you make the best decision.
You're in good company
Why use a second charge mortgage?
Lenders may lend more, over a longer period of time, at a lower interest rate.
Higher loan amounts
Secured loans may let you borrow significantly more than an unsecured loan by using your property as collateral.
Lower rates
Using your property as collateral can reduce the risk for lenders, so you may benefit from lower interest rates.
Poor credit
If you have poor credit, secured loans can be easier to get than a typical personal loan.
Frequently Asked Questions
How long does it take to get a second charge mortgage?
A secured loan typically takes takes between a few days and a few weeks. This will vary based on your personal financial situation and the lender in question.
Other factors such as how quickly you provide important documentation (such as payslips) can affect this timeframe.
What are the benefits of securing a loan against my property?
Using your property as collateral allows you borrow larger amounts over a longer period of time. It also provides security against potential defaults, making it easier to access borrowing if you have a poor credit rating.
How much can I borrow?
Secured loans are typically between £10,000 and £250,000. The amount you can borrow depends on how much your property is worth and any outstanding debts against it, such as your mortgage.
The amount is you can borrow based on what is called Loan-to-Value (LTV), with some lenders offering up to 100% LTV.
What repayment terms are available?
Repayment terms often range from 10 to 30 years, allowing borrowers to spread the cost into manageable monthly payments.
Can I pay off a second charge mortgage early?
Yes you can. Often people will pay off their secured loan the next time they come to remortgage by extending their mortgage borrowing. This is often the most sensible thing to do, provided that the mortgage rate is cheaper than the rate on the secured loan.
Do I need to speak with an advisor?
Getting a secured loan is always an advised process, which means you’ll need to speak with a broker or a mortgage adviser before you get the loan.
The adviser will go through your financial circumstances, why you want the money, and whether you’ll be able to borrow the amount you want.
Is there a fee for this service?
Our service is entirely free for our users. We may receive a commission or fee if you take out a loan with one of our partners.
What will my interest rate be?
Your interest rate can vary based on the amount you’re borrowing, how long you’re borrowing it for, your credit history, and how much equity you have in your property. Your advisor will assess your personal circumstances and find the best rate available.
Help is on hand
If you’re stuggling with your money, help is just a click away
Money Helper is a free service set up by the Government to help people make the most of their money. They offer free and impartial help with your money.
Stepchange is a non-profit organisation that offers free debt advice. If you’re struggling with debt they can help you get back on track.