2nd Charge Mortages

A second charge Mortgage (Also known as a secured loan) simply sits behind the 1st charge and there are two main areas where a 2nd charge could be an alternative solution to remortgage, further advance or an unsecured loan

A second charge mortgage is usually used as a stepping stone, so the customer obtains the funds required that meets their needs until their circumstances change and they can remortgage when it’s best advise to do so. 

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.

Flexibility

• Loans for any legal purpose (Including business purposes).
• No income multiple restrictions on most products.
• No credit score products.
• Customers in a probation period considered if they have 12 months continuous employment.
• One year's self-employed income is considered.
• Adverse credit ignored over 12 months old.
• Early redemption fee free fixed products available
• Unsecured arrears in the last 12 months ignored
• lenders will look at non-standard construction properties.
• Day rate contractors acceptable
• Up to 100% loan to value products available