Secured Loans

A second charge mortgage (also known as a second mortgage or a secured loan) is a loan secured on a home (or investment property). They are called second charges because they have secondary priority behind your first mortgage (first charge) when it comes to repaying the loan. Often used as an alternative to remortgaging, they are a great way to raise funds for a wide range of purposes including debt consolidation, home improvements, school fees and much more.

Second charges can often take a lot less time to complete than a standard remortgage and there are usually no upfront fees to pay. Second charge lending is deemed more generous than mainstream mortgage lending with some providers allowing total borrowing up to 6 times income.

A second charge mortgage could be beneficial for the following reasons:

  • Change in credit rating – A drop in credit rating could mean you would have to pay more interest on your whole mortgage (as opposed to just the additional borrowing) if you were to remortgage. By taking out a second mortgage for the extra borrowing and leaving your first mortgage untouched, you could save a great deal
  • Early repayment charge – If your current mortgage is subject to a high ERC, you could save money by taking out a second charge instead of remortgaging
  • Self Employed – Second charges can be a great option for clients who are self employed and therefore struggling to obtain mainstream unsecured borrowing i.e. a personal bank loan

Time – Second charges can often take a lot less time to complete than a standard remortgage and there are usually no upfront fees to pay.

For loans secured on residential properties:

  • Lending in England, Scotland, Wales and Northern Ireland
  • Up to 90% LTV
  • Loans from £5k To £2.5m (more by referral)

 

For loans secured on Buy-to-Let properties:

  • Lending in England, Scotland, Wales and Northern Ireland
  • Up to 80% LTV
  • Loans from £5k to £1m (more by referral)

Adviserloan are experts in the field of second charges. Having the ability to offer second charges from the whole of the market alongside the wealth of experience held by our in-house team makes Adviserloan the obvious choice when referring your clients for advice in this area.

We will help your client throughout the process and will keep you up to date with the
progress of your client’s case throughout. We will only ever discuss the product in question with your client leaving cross sales and after sales for you to progress.

We aim to be simple, fast and efficient in all of our dealings with your clients requirements alongside offering exceptional customer service throughout.

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