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Second Mortgages

View second mortgage rates online in 60 seconds - over 600 products available.

 
 
 
 

We offer fixed, tracker and variable rates.

Comparing rates won't affect your credit score.

We can often help you when the high street banks can't (criteria applies).

Feefo Platinum Service Award

Loans are secured - your home may be repossessed if you do not keep up repayments.

Rates from 3.34% fixed for 5 years
Representative APRC 7.7%

Representative Example: Based on borrowing £64,500 over 25 years with 60 monthly repayments of £454.66 followed by 240 monthly payments of £483.97. Annual Interest Rate 6.38% fixed for five years, then variable. Representative APRC 7.7%, total amount repayable (if loan kept for full term) £143,527.40. Includes a broker fee of £2,995, and lender fees of £595.
Loans are secured against property - Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
We are a loan broker Authorised and Regulated by the Financial Conduct Authority.
second mortgages with tools in the shape of a house

Second mortgages

 
 
 
 

We specialise in providing fast, flexible second mortgage loans from a range of lenders nationwide.

Our mortgages (also known as “second charge mortgages”) are available from £10,000 up to £500,000. Interest rates start from as low as 3.34% and both fixed rate and variable rate loans are available with repayment terms ranging from 3 years up to 30 years.

We will always try to help you find the most suitable loan for your needs, as quickly as possible and with the minimum of stress.

A second mortgage can be used as a debt consolidation loan, a way of funding home improvements and renovations, or for many other purposes.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

checklist for getting a second charge mortgage

Getting a second charge mortgage

 
 
 
 

If you already have a mortgage against your home, you can potentially take out a second mortgage. As long as you meet the criteria laid out by a secured loan lender, you may be able to borrow a larger amount than would be available to you as an unsecured loan. It is important to remember that as this would be secured against your property, your home is at risk should you fail to keep up repayments.

house cut out to show what a second mortgage is

What is a second mortgage?

 
 
 
 

A second mortgage is a loan secured against your home that has been taken out in addition to your first mortgage. They are often used when a further advance or additional borrowing from a first mortgage provider is not available. This form of borrowing is based around the equity in your property, and means that your property can be at risk if you are unable to repay your loan.

Getting a second mortgage will mean that you have two mortgages on your home.

What is a second charge mortgage?

A second charge mortgage is just another name for a second mortgage. It is a loan secured against a property that has been taken out in addition to your original mortgage.

credit cards for qualifying for a second mortgage

Can I get a second mortgage?

 
 
 
 

We can help you look for a 2nd mortgage and do our very best to help you secure the right loan for your requirements. The amount that you can borrow will be based on the amount of equity in your property, your personal circumstances, and the amount that you can afford to repay. It is essential to make sure that you can repay any loans secured against your home as it will be at risk if you fail to keep up your repayments.

beige percent sign to show rates for second mortgages

Rates for second mortgages

 
 
 
 

The interest rate that you will be able to get will depend on the amount of money that you want to borrow, the repayment term, and a number of other factors such as your credit history and how much finance you can afford to repay. As a second charge mortgage broker, we deal with many different lenders. We can provide second mortgage rates starting from 3.34% and repayment terms ranging from 3 years up to 30 years. We can find loans from £10,000 up to £500,000, and we will always try to get you the best interest rate possible with both fixed and variable second charge mortgage rates available.

keys with red house attached displaying second mortgages

How much can I borrow?

 
 
 
 

The amount that lenders will be willing to offer you will depend on several factors as explained in the “can I get a second mortgage” section above.

One factor that is very important in establishing how much you can borrow on a second charge mortgage will be the equity you have in your property. Not only will this be significant in deciding the loan amount that might be available to you, but also it is one of the key elements in determining which second charge mortgage rates you might qualify for.

The equity is the value of your home minus the amount you owe on the first mortgage. For example, a home worth £250,000 with £100,000 remaining on the mortgage will give you £150,000 in potential equity for a second charge mortgage.

Once you know how much you can borrow, it is important make certain that you completely understand the costs involved which is why you should consider speaking with qualified mortgage advisers, such as The Loans Engine’s team, to ensure you proceed with a suitable option which you can afford to repay - failure to make payments on your mortgage may lead to you losing your home.

yellow house with equity sign for second mortgage borrowing amount

Does the amount of equity affect a second charge mortgage?

 
 
 
 

Yes, it does. When you apply for a second mortgage, lenders will look at the amount of equity in your home when deciding how much they can lend to you. In general, the more equity you have in the property, the more you will be able to borrowing, and on lower interest rates.

Frequently Asked Questions - Second Mortgages

 
 
 
 

What is the interest rate on a second mortgage?

The interest rate you are eligible for will ultimately depend on your personal circumstances, including factors like your credit profile, how much income you have and the level of equity in your property.

Interest rates can be fixed, variable or tracker. You may be able to get a lower interest rate compared to other borrowing options, because you have used your property as security.

What can it be used for?

Your loan can be used for virtually any purpose, so long as it is legal.

Many people choose to use these loans to consolidate their debts, in order to reduce their monthly outgoings.

Another common use of these loans is to raise funds for home improvement projects, or another big purchase such as buying a property.

What information is needed?

You will need to speak with one of our mortgage advisors. If we can help and you are interested in the loan we recommend you’ll need to sign and return some forms along with evidence to support you application such as proof of your income.

All of our lenders have different criteria and processes, so other information may be needed at a later date, but our advisors will talk this through with you.

How long can a second mortgage be taken out for?

These loans allow you to borrow a large amount of money over a long repayment term.

We have flexible terms available from 3 to 30 years. This gives you the chance to have a repayment period which suits your plans.

Can I get a second charge mortgage with bad credit?

Even if you have a bad credit history there may still be options available to you. Using a property you own as security reduces the financial risk to lenders and means they can be more flexible with their qualifying criteria.

However, as with any type of finance, if you have bad credit your lender choices may be more limited and you may be charged a higher interest rate.

Is it possible to repay a second charge early?

It is possible to repay your loan early.

We have many products available, with and without early repayment charges. This means that if you do want to repay your loan early we should be able to find you a product which allows you to do this without charge. If you think you could be in a position where you could repay early, speak to our team and they will be able to advise you further.

Is a secured loan a second charge?

Yes, they are the same thing, a loan secured against property.

Is a further advance the same as a second charge?

A further advance is normally extra borrowing from your existing mortgage provider.

Whereas, a second charge is a loan from another lender which does not involve your existing mortgage provider.

What our customers say about us

 
 
 
 
Feefo Platinum Service Award
"I have had a great experience throughout working with The Loans Engine in getting me across the line..I can't thank The Loans Engine enough. I definitely recommend them."

Mr N, Hounslow
31 Aug 2021

"My Business is growing faster and smoothly. All credit goes to Luke and Bev, because of them I am very successful in my Property Business."

Mr H, London
23 Aug 2021

"Paul and Lorraine worked tirelessly to get the deal done under difficult circumstances and I cannot thank them enough for their dedication to see it through. Fantastic service."

Mr S, Hailsham
10 Aug 2021

"The agents were very professional in their job. We were always updated on the progress of our application. The paperwork was easy and straightforward. Wordings were also easy to understand, no jargons."

Mrs O, Enfield
09 Aug 2021

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