Second Charge Mortgages

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What are second charge mortgages?

Sometimes, clients find themselves being told by their bank that additional borrowing “isn’t affordable,” leaving them without the necessary funds for home extensions, weddings, or debt consolidation. Many people are unaware of a viable alternative – second charge mortgages. A second charge mortgage is provided by another lender and sits behind your primary mortgage provider’s first charge at the land registry. Although this arrangement poses a higher risk for the lender, which can lead to increased mortgage rates, it can also help clients avoid hefty early repayment charges or release much-needed cash.

Specialist lenders often provide increased borrowing amounts with more flexible terms, such as no early repayment fees, extended mortgage terms, and interest-only options. If you’re struggling to release money from your property through your current mortgage provider, contact Legacy Financial Ltd today for assistance with second charge mortgages.

Examples of how second charge mortgages have helped clients:

Client S: After experiencing negative credit history due to self-employment and cash flow issues, our client struggled to secure further borrowing from their existing mortgage provider. We helped them obtain a £30,000 second charge mortgage, allowing them to repay their debts, reduce monthly payments, and regain control of their finances.

Client D: This client wanted to invest in property without paying a £5,000 early repayment charge on their existing 1.8% fixed mortgage. We helped them raise £90,000 through a second charge mortgage to purchase a second property while maintaining their current low mortgage rate.

If you’re interested in exploring second charge mortgage options further, don’t hesitate to contact us at Legacy Financial. Give us a call today at 01226 643271, and one of our friendly advisors will be more than happy to assist you.

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