Second Charges


Need a second charge on a property, then we can help. A second charge is where you look to release equity from a property which has sufficient equity. Generally second charge lenders don’t like to go above 85% of the property value so if you already owe finance at 80% you won’t be able to release a great deal of money from the asset.

Lenders can offer finance to those with adverse credit as well as those with clean credit however the rates will be dependent on level of adverse.

A second charge can be a good option in the following scenarios:

  • - You have a low rate of interest on your mortgage and want to release equity without losing your low rate
  • - Release monies for home improvements
  • - Release monies to consolidate debt
  • - Release monies to pay for a wedding
  • - Short term release of equity from the asset
  • - You purely want to have some liquid cash as opposed to have it tied up in the bricks and mortar

We have an array of lenders that we deal with who will happily offer you a solution. It is important to remember that you should expect to pay more in fees and rates on a second charge however as these are generally designed for less significant amounts than mortgages . The reason being is that the lender is at higher risk than your first charge lender, in the event of repossession the first charge lender will always get paid first from the sale proceeds so there is a chance that the second charge lender could face a short fall.