Historically second charge mortgages or secured loans as they are also known were seen as a last chance option for a client’s borrowing needs. The rates were much higher and carried hefty early repayment charges. However things have now moved on significantly with attractive rates from 3.65%, No ERC’s, fixed rates and LTV up to 95%.

There are many scenarios when a second charge could benefit your client when looking at capital raising – seconds can offer a welcomed haven against some of the restrictions on the first charge market.

Characteristically, we see Second Charge Mortgages for customers who are looking to:

•             Retain their current low-rate mortgage / interest-only mortgage.

•             Raise capital on BTL properties.

•             Circumvent the ERCs that their re-mortgage may be subject to.

•             Capital raise however their adverse credit means they are unable re-mortgage on the high                 street.

•             Raise funds on a term loan that would take them beyond normal retirement age.

•             Avoid paying upfront fees or costs for valuation.

•             Receive the funds sooner than a standard re-mortgage could offer.

Lendingexpert.co.uk are a credit broker and offer secured loans and finance solutions from £5,000 to £10,000,000. Funds can be used for a wide range of reasons including raising money for business purposes, buy to let property, debt consolidation and making home improvements. Finance can be raised against residential property, buy to let and semi commercial.  

Some homeowner Loans are available up to 100% loan-to-value with additional security or a guarantor being provided.

All credit types are considered including those with adverse credit, unemployed, in receipt of benefits, and buy to let applicants unable to demonstrate proof of income.