Second Charge Secured Loans
A second charge secured loan can be a powerful tool for unlocking the equity in your property. Whether you're looking to consolidate debt, fund home improvements, or raise capital without remortgaging, a second charge loan offers flexibility and fast funding.
With mortgage rates rapidly changing, remortgaging may not always be the most cost-effective solution, especially if you’re on a competitive fixed rate. A second charge loan allows you to access the additional funds you need, without altering your existing mortgage terms or rate.
Why Choose a Second Charge Secured Loan?
- Loans from £25,000 to £2.5 million: Whether you need a small top-up or a significant sum, we can tailor a loan to suit your needs.
- No Early Settlement Fees: Pay off your loan early without incurring extra charges, giving you greater flexibility.
- Available to Homeowners & Landlords: This loan is open to both homeowners and buy-to-let landlords.
- Security via Second Charge: The loan is secured against your property, with the second charge offering lenders an additional layer of security.
- No Upfront Fees: We believe in transparent lending, so there are no hidden costs or charges when you apply.
- Flexible Consideration: We understand that everyone’s financial situation is unique. Our team considers all circumstances when reviewing your application.
Whether you're seeking to raise capital for a specific project or consolidate existing debt, a second charge loan could be the ideal solution to meet your needs without disrupting your current mortgage.
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I have been working with James Hardwick who has been extremely professional and approachable at all times. He has dealt with all issues regarding the others parties – very happy with the service provided
What are second charge secured loans
A second charge secured loan, often referred to as a second charge mortgage or a homeowner’s loan, is a type of loan secured against the equity in your property. Unlike a traditional mortgage, the loan is placed as a "second charge" on the property, meaning it sits behind your primary (first charge) mortgage.
This allows you to access additional funds without affecting the terms or interest rate of your existing mortgage, making it an ideal option for homeowners looking to raise capital while keeping their current mortgage intact.
Do you qualify for a second charge loan?
You may be eligible for a second charge secured loan if you meet the following criteria:
- Homeownership: You must be a homeowner. You don’t necessarily need to live in the property, but you must own it.
- Property Types: Secured loans can be arranged against residential, buy-to-let, and commercial properties.
- Equity: You must have sufficient equity in your property to secure the loan.
- Proof of Income: You’ll need to demonstrate your income and ability to repay the loan.
- Age & Location: Applicants must be at least 18 years old, and the property must be located in the UK.
- Overseas Applications: We also welcome applications from overseas homeowners.
If you meet these requirements, a second charge loan could be an excellent way to access funds without affecting your current mortgage.
Second Charge Secured Loan Purposes
Secured loans can be used for most legal purposes, including:
- Settling Tax Bills: Pay off outstanding tax liabilities with ease.
- Property Deposits: Raise funds for a deposit on your next property purchase.
- Business Investment: Secure capital to invest in or grow your business.
- Home Improvements: Fund renovations or upgrades to your home.
- Debt Consolidation: Combine multiple debts into one manageable payment.
- Weddings: Cover the costs of your special day.
- Education Fees: Pay for school or university fees for yourself or family members.
- Car Purchases: Finance a new or used vehicle.
- Dream Holidays: Fund that once-in-a-lifetime trip or family getaway.
Whether it's for personal or professional needs, a secured loan offers the flexibility to meet a variety of financial goals.
How Charleston can help
With over 20 years of experience and Master Broker status, Charleston is well-equipped to assist with a wide range of commercial mortgage and remortgage solutions.
- We can arrange commercial mortgages with up to 80% Loan-to-Value (LTV) without requiring additional security.
- For borrowers able to provide additional security, we can source mortgage loans of up to 100% LTV, based on the value or purchase price of the property.
Whatever your needs, Charleston's expertise and extensive network can help you find the right solution for you.
