A Second Charge Mortgage is a loan secured against a property that offers you an alternative way to release equity from a home.
When is a Second Charge required?
An ideal alternative to remortgaging or a further advance, second charge mortgages provide a fast, cost-effective means of secured borrowing.
At LOUPE we find solutions for any type of borrower, providing advised and non-advised assistance for those who:
- Have high early redemption penalties on existing mortgage.
- Enjoy an attractive interest rate they don’t wish to lose.
- Lack the credit rating required for mainstream borrowing.
- Cannot obtain necessary funds required via remortgaging.
Key Features
An ideal alternative to remortgaging or a further advance, second charge mortgages provide a fast, cost-effective means of secured borrowing.
At LOUPE we find solutions for any type of borrower, providing advised and non-advised assistance for those who:
- Competitive interest rates
- Loans available up to 100% LTV
- Impaired credit loans available up to 75% LTV
- Up to £2,000,000 standard lending criteria (more available by exception)
- No costs for you until completion – including valuation and legal*
- Fixed rates available with no extended tie-ins
- Peace of mind that your application is being dealt with by leading industry experts
FAQs
What is a second charge mortgage?
A second charge mortgage is a secured loan against your property, that gives you access to the equity within it. As such, it is only available to property owners. It’s called a ‘second charge’ mortgage simply because the primary mortgage on a property is referred to as the ‘first charge’ mortgage.
Who can apply?
Any property-owning individual can apply for a second charge loan with Enterprise
What are the main benefits for a second charge mortgage?
Second charge mortgages offer speed of completion when compared to remortgaging or a further advance. They allow a flexible approach to your
circumstances and offer more generous income multiples than other forms of finance too. Unsecured loans are typically capped at approximately £35,000, but second charge mortgages do not have these restrictions.
How much can I borrow?
Where a second charge mortgage is used to buy property, you can apply for:
- Up to 100% loan-to-value on residential properties
- Up to 75% loan-to-value for clients with credit problems
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