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Expert support & advice for second-charge mortgages.

Second-charge mortgages don’t have to be difficult. We’re here to help you raise your funds.

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Finding The Best Second Charge Mortgage Deal For Your Circumstances

For many of us, buying a home of our own is a big ambition. However, the ambitions don’t end there. If you want to make big changes or renovations to a property you own, raising the finance can be tricky.

Second-charge mortgages are available to anyone in the UK who owns a property and already has a mortgage deal in place. Whether you’re considering a second-charge mortgage to consolidate debt, accelerate your refurbishment plans or fund an extension, we can help you find a suitable deal.

Our team of professional mortgage brokers is trusted all over the UK by clients who didn’t want to put their dreams on hold. With us, you can find the additional financial flexibility you need – no matter your circumstances, no matter the odds!

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What is a second charge mortgage?

A second-charge mortgage might sound confusing, but it’s really very simple. Essentially, it’s an additional secured loan that you take out alongside your existing mortgage on the equity the first mortgage doesn’t cover. For example, if you own a house worth £250,000 and have a mortgage for £150,000 of that, you could take out a second charge mortgage of £100,000. They differ from remortgaging because you don’t swap one mortgage for another; instead, you take out another loan which is paid at the same time as your existing one.

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What is a secured loan?

Second-charge mortgages and secured loans are essentially the same things. A secured loan is money borrowed against something you own – and often this thing is your property. Crucially, secured loans provide greater flexibility than standard mortgages, as rules covering what the money can be used for, and the types of income accepted tend to be less strict. If you’re looking to take out a secured loan, you can trust When the Bank Says No to deliver. We complete second-charge mortgage loans each and every day, without the stress and without impacting your credit rating.

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How does a second charge mortgage work?

A second charge mortgage works like this. You take out a loan on the equity you’ve built up in your property. You will then start repaying the money back each month alongside interest charges that are either fixed rate or variable and calculated on the outstanding amount.

Because this is a secured loan, the lender has the ability to take a legal charge over your property if at any point you fail to keep up with repayments. However, the first charge mortgage will take precedence over the second charge mortgage.

Can I take out a second mortgage if I have bad credit?

It’s not ideal to have bad credit when searching for a second-charge mortgage, however, it’s possible to find a lender who will lend to you. Even if you have an IVA or debt management plan currently in place, there are still options available.

In this scenario, it’s important to target a specialist panel of lenders who will be more willing to look past your financial history. The IVA will need to have been serviced and maintained throughout the period and be paid off with the proceeds of the secured loan.

When it comes to debt management plans, you have more options. These can be left in place and you can keep making payments with the additional finance used for an alternative purpose, or you can pay it off with the second charge mortgage.

Frequently Asked Questions

Can I take out a second charge mortgage with defaults, county court judgements, IVA/DMP, bankruptcy, or late payments in my credit history?

Yes, with the right approach, it’s definitely possible to take out a loan in these circumstances. Adverse credit won’t be a dealbreaker for all lenders, and there is a number out there who don’t use a credit scoring system.

Whether you have a low credit score, have previously been in an IVA/DMP, have been made bankrupt and are now discharged, or have a number of defaults, CCJs, and missed payments, we can help. Contact us today to start raising your funds!

A second charge mortgage is typically taken out against property – that’s why it’s known as a second charge. As a result, you need to be a homeowner to qualify for one with an existing mortgage in place.

The reason for this is that the home will stand as security for the amount borrowed should you struggle to keep up with payments. Depending on the lender in question, you may also need to meet certain criteria when it comes to your credit score and affordability, but this varies.

Even if you have a low credit score, an adverse financial history, or non-standard sources of income, there will be specialist lenders out there who will consider you. Talk to us today and we’ll help you find them!

A secured loan can be a suitable method of consolidating debt, and this is why many people choose to take one out. Often, doing so means paying less interest overall compared to having lots of smaller loans or credit card bills.

However, it’s important to think carefully before moving forwards, as consolidating unsecured loans into a single secured loan will put your property at risk. For help working out whether or not a secured loan is a good option for you, get in touch with a member of our friendly team.

Lenders offering secured loans tend to be more flexible when it comes to affordability than mortgage lenders. The income multiples they use may be higher, meaning you can potentially borrow extra finance. It’s also more likely that multiple streams of income will be considered in the affordability calculations (benefits, pensions, bonuses/commission/overtime, zero-hour contracts, contractor income), maximising the amount you can borrow.

Typically, second charge mortgages are taken out against the equity you have in your home. As this is a loan taken out alongside an existing one, you can’t usually borrow against the full market value.

If you’re looking to take out a secured loan but don’t know where to start and don’t know how much you can expect to borrow When the Bank Says No can help. Our team of specialist mortgage brokers have years of experience helping our clients raise the funds they need. Talk to us today to find out how we can help!

Remortgaging involves switching deals to get a better mortgage rate or to release equity in your property. This differs from a second mortgage which will run alongside your existing mortgage, and there are circumstances when it may be advantageous to go with this option instead.

If you have a good deal on your first mortgage, perhaps with particularly low fixed interest rates, you won’t lose this if you take out a second mortgage. You can keep the same terms on your current mortgage and also avoid any potential early repayment charges. Additionally, taking out a second mortgage may give you the opportunity to make unlimited overpayments, meaning you could pay off your second mortgage early to save on interest charges.

Bear in mind, some first mortgage companies may have to provide permission to the second mortgage lender before it can be granted. You may also be charged a higher rate of interest on a second mortgage than your first loan’s rate, though the rates may still be lower than other types of debt. This is because securing the loan against your home reduces the risk to the mortgage lender and they look on it more favourably than other types of credit.

Yes! There are many more options out there than the typical high street banks. Specialist lenders will often be more flexible with their terms, even allowing you to borrow additional funds using solely benefit income. There are also options out there for older borrowers; many specialist lenders won’t restrict a maximum age at the end of the loan term and will allow pension income to be used in affordability calculations. They just want to be assured that you’ll be able to meet the mortgage repayments.

Yes, second charge mortgages are a popular way for those who are tied into mortgage deals to access additional funds. You will usually need to get the consent of your current lender (but not always!). The reason for this is that the secured loan is a second charge on your title deed.

At the end of your tie-in period, you can then look to remortgage with a better deal, and repay this if it works out more cost-effective to do so. If you’re still not sure, feel free to call us for a chat. We’ll explain everything you need to know.

A second charge mortgage can be taken out on any property you own, but it doesn’t have to be your main home. Of course, it’s common for secured loans of this nature to be taken out on a main residence, but you can also raise these funds for a Buy to Let property, a second home, or even a semi-commercial property.

If you’re not sure whether the property you want to raise funds for is eligible, don’t hesitate to give us a call. We’ll explain all the ins and outs of second charge mortgages so you can proceed with confidence.

Second mortgages can typically be used for any legal purpose, making it a popular option for those who want to escape the restrictions set by many mortgage providers and be more financially flexible in the future. Many people choose to take out a second charge mortgage to consolidate debt, conduct home improvements, or to make large payments like higher education fees.

The amount the mortgage lender may be willing to lend you will usually depend on the Loan To Value (LTV) ratio. Most secured loan lenders have different LTV criteria and will take into account different criteria including affordability, credit score, amount outstanding of first mortgage, debts and outgoings, employment status and personal circumstances.

Trusted advisors for second charge mortgages.

When the Bank Says No is a team of professional mortgage brokers. We specialise in helping everyone achieve the finance they need – even if the situation is non-standard. We know that people don’t always fit into boxes, but that shouldn’t get in the way of their hopes and dreams!

Together, our team works tirelessly to seek out the most appropriate second charge mortgage deals on the market, connecting you to a lender who understands your circumstances. When the time comes to find your second charge, you can count on us to support you every step of the way.

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