In some situations, arranging a normal mortgage for additional borrowing can be difficult, especially if you are already tied into an existing mortgage with your current provider.
Second charge mortgages are effectively an additional secured loan, whereby the new provider uses your home as the security (like a normal mortgage).
These rates are usually higher than a first charge mortgage, but can be the right option for a given situation.
What Are The Steps Involved?
Whenever a client of ours wants to raise capital against an existing property, we’ll always check whether a normal mortgage arrangement would be more cost effective, or perhaps second charge loan proves to be a more viable option. This ensures you are getting the best advice.
We usually arrange a chat with you over the phone initially and help you understand what you are looking to achieve.
We will summarise our entire conversation to you by email and explain the next steps in terms of helping you obtain the next mortgage deal for you.