Second Charge Lending
A second charge mortgage - sometimes called a secured loan - can be a good option if you would like to borrow money whilst leaving your current mortgage in place and avoiding early redepmtion penalty charges. 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.
This type of mortgage is ideal for customers who want to protect their existing mortgage i.e. those enjoying low mortgage rates or who want to stay on an interest only repayment method, and offers an alternative solution for customers where their existing mortgage lender’s criteria restricts further borrowing.