Second Charges | Why You Should Speak with Connect Experts

Second Charge Loans

Consolidate your debts and get the funds you need in just one step!

Struggling to meet repayments?

Are you stuck in a fixed-rate mortgage or facing expensive repayment charges?

The financial landscape of the past few years has put a lot of homeowners in a difficult situation.

With raising interest rates and with the cost of living crisis, many people are struggling to keep up financially. Some have ended up with bad credit due to missed repayments or other problems.

If you were negatively impacted or want to be proactive, then this solution is for you.

Benefits of a Second Charge Mortgage

There are a number of benefits associated with a second charge mortgage. For example:

Retaining Your Current Mortgage Deal: Keep your existing low-rate mortgage intact.
Flexible Funding: Use funds for home improvements, debt consolidation, or other financial goals.
Faster Approval Process: Avoid lengthy remortgage delays with easier applications.
Accessing Personalised Solutions: Depending on your needs, we can help you secure the best deal from our pool of 200+ lenders.

Get Started Today!

Loan Amount (£):

Interest Rate (%):

Loan Term (years):

Second Charge Calculator

Interest rates can vary widely depending on:

Your credit score
The lender’s policies
Market conditions

A good starting point for a second charge loan interest rate in the UK might be between 4% and 8% for borrowers with good credit. Always check with your lender to confirm the specific rate available for your situation. If you’re unsure, use a slightly higher rate (e.g., 6%) in the calculator to get a conservative estimate.

How We Have Helped Others

Here are some examples of how Second-Charge Mortgages helped our clients with their financial situations.

There are options. And you are not alone.

Speak to our experts at Connect Mortgages for a no-obligation consultation.

Frequently Asked Questions

1. Can I take out a Second Charge Mortgage if my primary mortgage lender doesn’t give consent?
In most cases, your primary mortgage lender must consent to a Second Charge Mortgage. However, some lenders may consider an “equitable charge” if consent is not granted. This approach is riskier for the second charge lender, often resulting in stricter terms and higher rates.

2. Are Second Charge Mortgages available for buy-to-let properties?
Yes, Second Charge Mortgages can be secured on buy-to-let properties. These are typically unregulated, and lenders will assess the rental income to ensure affordability. This option is often used by landlords seeking funds for property improvements or portfolio expansion.

3. Do I need a minimum credit score to qualify?
Second Charge Mortgage lenders tend to have more relaxed criteria compared to first charge lenders. Many will consider applicants with poor credit histories, including defaults or County Court Judgments (CCJs), provided affordability is demonstrated.

4. Can I repay a Second Charge Mortgage early?
Yes, many Second Charge Mortgages allow for early repayment, though some may include early repayment charges (ERCs). These charges depend on the loan terms and the lender, and some loans are entirely free of ERCs.

5. What happens to my Second Charge Mortgage if I remortgage my primary mortgage?
If you remortgage your first charge, the second charge lender must be informed and may need to provide consent. The new primary mortgage lender must also acknowledge the existence of the second charge, which could involve additional administrative steps.