A second charge mortgage, sometimes called a secured loan or a second mortgage, allows you to secure a second loan on your property even if you have an existing mortgage on that property.

The existing mortgage is called a first charge, the second mortgage will be separate from the first mortgage because it is likely to be an entirely different product from a different and separate lender. The rate, period overall term is also likely to be different.

You will need your existing lender’s permission to secure a second charge on your property.

A second charge mortgage does not replace or affect your current mortgage in any way. Second charge lending is also known as a ’secured loan’ or a ‘second mortgage.’ Securing a second charge mortgage requires your home or investment property to be put up as security; it will be released once the loan is fully repaid.

Rates on a second charge mortgage are more than likely to be higher than on the first charge mortgage, as the second lender is taking a greater risk. For example, if you are unable to keep up repayments and the property is repossessed, the first charge lender would be paid before the second charge lender. This means that if there isn’t sufficient equity in the property to pay back both lenders, the second mortgage lender would lose money.

With second-charge lending there is a wide range of borrowing solutions according to client’s needs. From borrowers with complex circumstances to people who may have less than perfect credit history. 

Our sister company, Landmark Specialist Finance’s second charge lending services are specially designed to allow you to raise finance necessary, without undergoing the lengthy and complex process of remortgaging.

They are knowledgeable in second-charge mortgages for both residential and buy-to-let properties and offer second-charge lending opportunities to all clients, precisely tailored to your requirements, taking into consideration existing loans, and the goals you hope to achieve with this second loan. These services are designed specifically to provide homeowners with alternative capital-raising options without interfering with your existing mortgage arrangements.

Buy-to-Let Second Charge Lending

Landmark Specialist Finance also offer buy-to-let second charge mortgage. The buy-to-let second charge lending services offer flexible capital-raising solutions for landlords, including options for consumer buy-to-let applications.

If you are considering a second charge mortgage, call or email Landmark Specialist Finance for an informal confidential conversation, they will guide you to decide whether this is the suitable option for your current needs.

T:  +44 (0) 203 773 7299

E: info@landmarkprivatefinance.com

FOR SECOND CHARGE MORTGAGES, LANDMARK PRIVATE FINANCE ACTS AS INTRODUCERS TO LANDMARK SPECIALIST FINANCE

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.