2nd charge

A second charge Mortgage simply sits behind the 1st charge and there are two main areas were a 2nd charge could be an alternative solution to remortgage, further advance or an unsecured loan:

Best Advice:

  • Customers tied to a fixed rate product and by remortgaging they would incur heavy redemption penalties.
  • Customers on a favourable low rate product and by remortgaging they would lose this rate.
  • If the customer is on an interest only Mortgage product and aren’t able to capital raise.


  • Loans for any legal purpose.
  • No income multiple restrictions on most products.
  • No credit score products.
  • Customers in a probation period considered as long as they have 12 months continuous employment.
  • One years self employed income is considered.
  • lenders will look at non standard construction properties.
  • Adverse credit ignored over 12 months old.
  • Most products have no ERC’S.
  • Unsecured arrears in the last 12 months ignored.

Headline features:

  • Loans from £10,000 – £1,000,000
  • Rates from 3.57%
  • £50,000 available to 95% LTV, £30,000 to 100% rates from 8%
  • Flexible draw down facility available 
  • Term 3-30 years 

The second charge is usually used as a stepping stone so the customer obtains the funds required that meets their needs until their circumstances change and they are able to remortgage when it’s best advised to do so.