Second charge mortgages are a secured loan, which means they use the borrower’s home as security. Many people use them to raise money instead of remortgaging, but there are some things you need to be aware of before you apply.
There are several reasons why a second charge mortgage might be worth considering:
if you’re struggling to get some form of unsecured borrowing, such as a personal loan, perhaps because you’re self-employed
if your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage. A second mortgage means extra interest just on the new amount you want to borrow
if your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than
Before you take out a second charge mortgage, it’s a good idea to get advice from one of our qualified advisors.
They will be able to help you find the loan that best meets your needs and financial situation. They will also have to adhere by the rules as set out by the FCA when dealing with you.
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