Second Charge MortgagesHomeowners, mortgage payers, landlords with buy to let properties and even commercial property owners in the UK can utilise second charge mortgages, secured loans or equity loans to access the equity they have built up in their property to spend as they wish. These loans can be very flexible in terms of purpose, loan amounts and repayment periods . You can also look at fixed interest rate second charges for budgeting & early repayment options to save you interest.
The My Sort of Loan team are seasoned at arranging many forms of loans and are second charge mortgage specialists. Any quotations provided are for free and without any obligation to go ahead (no matter how many quotes you have!). To get your figures for loans from £5,000 to £250,000 over 36 to 240 months please call our second charge loans UK team today for free on 0800 0159 018 or dial 0330 053 6001 (mobile friendly) alternatively fill in our short on line form and we will get working on your mortgage / loan enquiry straight away.
Second Charge Mortgage Rates
Like any other UK loan or mortgage this is going to depend upon key areas such as income, your credit history / score, your ages (although some of our lenders go beyond retirement years) and for some secured loans - the amount of equity you have available. All second charge loans are subject to meeting the appropriate mortgage lenders status and affordability requirements.
Fortunately we have a lot of lender plans on our panel - giving our clients a better chance of not only getting the amount they want (with affordable repayments) but also at a really good second mortgage rate . A second charge mortgage lender will generally take into the following factors amongst others while setting your rate:
- Credit History - Generally the better your credit history the lower credit risk you are in the UK and therefore the lower the interest rates available. That being said some of our lenders ignore older defaults, CCJ`s and even some mortgage arrears .
- Loan to Value - The more equity you have the better security from a lenders perspective and therefore the more second charge secured loan mortgage lenders want your business - giving you access to better rates. We will talk to you about how much you would like to borrow and how much equity you should use.
- Employment Status - whether you`re employed, self employed or in receipt of a pension there are second charge lenders who may consider your case - My Sort of Loan will advise you about the best way to obtain a second charge mortgage.
- Fixed and Variable rates - can you cope with a sudden rise in interest rates or do you prefer the security of knowing how much your repayments will be every month.
- Early Redemption Charges - Are you planning to settle you mortgage early? If so My Sort of Loan will help you find a product that doesn`t cost too much to exit when the time is right.
- Your future plans - Are you expecting an increase in your income? Planning to make any additions to your family in the coming years? My Sort of Loan will discuss your future plans to arrange as much or as little flexibility as you need when arranging your second charge mortgage funds.
If that all sounds complicated then you can relax in the knowledge that My Sort of Loan will do all that hard work for you and find the right second charge mortgage from our home loan lender panel. We will give you a detailed free quotation giving you all the facts and figures before you so much as pick up a pen.
Equity Mortgage Definition:
So just what is a second charge mortgage? It is a loan that is secured as a second mortgage on a residential home or buy to let property that enables you to utilise the equity within that property. It does not impact on the first mortgage as it is a separate second charge.
You may have heard the product referred to in other ways such as:
- Secured Loan
- Home Owner Loans
- Second Mortgage Advance
- Release Equity Loan
- Second Charge Loan
My Sort of Loan can arrange a second charge mortgage using as much as 110% of the value of your home for a wide variety of purposes including home improvements, consolidation your old credit cards and loans to name just a few. In many cases My Sort of Loan can arrange a second charge mortgage to buy the new furniture or replace your aging car whilst at the same time reducing the rates that you`ve been paying on those credit cards over the years and saving you some money and giving you more spending power in your pocket each month.
To make things better because this is a UK second charge mortgage, in many cases my sort of loan can arrange all of this in as little as two weeks - to discuss how quickly we can do this for you speak to our home owner loan team on free phone 0800 0159 295 or mobile 0330 053 6001.
Second Charge Mortgage Lenders
Well now you`ve decided that a second charge mortgage is for you the next thing you`ll want to understand is who is going to lend you the money. Well the chances are you wont recognise the names of the lenders on our panel and there is a very good reason for that. At My Sort of Loan we have selected panel of lenders who represent a comprehensive range of second charge mortgage lenders with plans to suit most of our client`s circumstances.
The reason that you might not recognise some of the names on our panel is because we use companies that exist solely to provide second charge mortgages rather than general banking facilities. The companies on our lending panel don`t need a presence on the high street or maintain themselves as household names. Because My Sort of Loan will arrange and package your second charge mortgage we keep the set up cost down and the set up time low.
Want to know more? Simply pick up the phone and talk to one of our second charge mortgage advisors 01625 569 625 or go on line to arrange a call back at your convenience. There`s no obligation and unless we successfully arrange a second charge mortgage for you there`s no charge.
Ways To Finance Home Improvements / Other Projects.
Now that you`ve been lord or lady of your particular manor for a while you might consider that its time to update the furnishings or put those new windows in, maybe replace the family car. So how do you go about getting all that at a really good rate for your circumstances? So you`re on the property ladder, it took a lot of time, effort and not an inconsiderable amount of saving to get there but you did it and you quite rightly should be proud of that.
Well you have a couple of options to consider at the initial stage:
- Savings - You might consider that with interest rates at an all time low and your savings depreciating in real terms that this is the time to invest in your home to increase its value making that cash you`ve been squirreling away work for you.
- Buy it on the drip - Now that you`re a home owner you may find that there are many retailers who are more than happy to offer store credit on anything from a toaster to a three piece suite. The trouble is it comes at a price and once you have more than a couple of short-term purchases those monthly repayments really can add up.
- Take out a second charge mortgage - With a second charge mortgage you may be able to refurbish, revamp and replace all in one place.