Second charge options for home owners.

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With many people finding that their current mortgage lender will not lend any further money or if people have reasons for not wanting to contact the current lender, then allowing a different lender to take security over your property for that extra loan needs to be considered. Your current mortgage stays unaffected.

Secured loans are a way to obtain better interest rates than are available from other personal, mainly unsecured loans. They can be known as home equity loans, second mortgages or second charge mortgages. It means the loan is secured for the new lender and, as with your main mortgage lender, they could repossess your home if there are problems paying back the debt.

You’ll need to make regular monthly repayments throughout the term of the loan, which could last anywhere between 1 to 35 years.

Some homeowner loans charge an arrangement fee and have other set up charges.

With a secured homeowner loan:

  • You can borrow against the value of your property up to a set percentage
  • For the duration of the loan term you’ll have to pay interest
  • You’ll need to pass credit and affordability checks