Second Charge Lending
A Second Charge Mortgage is an additional, secured loan taken in addition to your main mortgage to raise further funds. The Second Charge Mortgage is secured against your property and is used as an alternative to a remortgage. The Second Charge Mortgage is repaid in the same way as your main mortgage through monthly payments.
Second charge lending has become a popular alternative to a remortgage as there are many scenarios where second charge loans may be more beneficial to you as a homeowner:
- If your mortgage is fixed or discounted it may have a high early repayment charge
- If your credit rating has fallen since you first secured your mortgage you may be declined facilities
- You have a really good rate on your existing mortgage that you do not want to lose.
- A separate Second Charge Mortgage can be taken over a different loan term to your main mortgage allowing you to budget effectively.
Making it easier to borrow more money without affecting your current mortgage
At Aspire Financial Services we have access to the full range of Second Charge lenders.
Book a free 30-minute consultation and we will assess the best option for your needs.