SECOND CHARGE MORTGAGES

Flexible mortgage lending criteria at reasonable rates

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As a result of the Mortgage Credit Directive (implemented on the 21st March 2016) to call ourselves ‘Independent’ we have an extended list of requirements to operate in this arena; rest assured, we fulfil them all.

It is now a regulatory requirement to provide full advice on both first charge and second charge mortgages. This is something we have always done and we do have independent sourcing systems to help us in this arena. Were you to check the FCA register, you will also see our authorisation in this area and importantly we have the embedded contacts, knowledge and experience.

"With access to mortgage funding hard to secure James and his team took no time in matching me up to the right mortgage."

JC Media, London

Second charges (or Secured Loans as they are also known) can be useful where you require additional funds at a competitive interest rate and your existing mortgage is perhaps on a low lifetime tracker rate, currently an interest only mortgage product, with an uncooperative lender, or you are simply tied in on your current deal and want to explore options beyond.

They can provide much more flexible options and the purpose of the loan can be varied; including lending for business purposes, tax bills, debt consolidation and home improvements. They really are the smaller more ‘flexible friend’ to accompany standard mainstream mortgages. As competition has increased in this area, the fees and interest rates have dramatically reduced, making it a viable alternative for all clients. Whilst second charge lenders do charge slightly higher rates, as they are next, rather than first, in the queue, should you default on your mortgage. Their underwriting is however on a bespoke basis, with lenders often willing to go the extra mile, meaning they prove an excellent alternative to a further loan.


See our case studies section for examples where we have assisted our clients. As always, if you do have an enquiry, do not hesitate to contact us.

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