Why choose a Second charge mortgage?
A second charge mortgage, also known as a homeowner loan or a secured loan, is a type of loan secured against your property, typically your home. A second charge mortgage can be used for a number of reasons. If you have home improvements to make, want to consolidate debts into one place, pay school fees, finance a wedding or have other projects, then a second charge mortgage could help.
Your loan will be secured against your home or other property, so it’s important to discuss your needs with an independent adviser so they can find you the best option for your financial situation.
Benefits of a Second charge mortgage
Quicker than organising additional borrowing on an existing mortgage
(it typically takes 15 days for a decision)
Can help you fund special circumstances like a tax bill or legal fees
Could be better value than remortgaging, which may incur charges or penalties
The interest rate on a second charge mortgage can be lower than a credit card or loan
Could allow you to borrow more than a personal loan
(typically a personal loan offers up to around £25,000)
You keep your existing mortgage deal, and the rate you have, as it is
If you’d like to find out more about whether a second charge mortgage might be right for you, then the team at Interbridge Mortgages are here to help. They offer a range of competitively priced products, with a helpful calculator on their website showing you how much a second charge mortgage could cost.
- Borrow from £15,000 to £500,000
- Loans available over 5 to 30 years
- Variable and fixed rate options available
Mortgages taken out with Interbridge Mortgages will be legally owned and managed by Interbridge Mortgages, and Vanquis Bank may hold the beneficial interest in some of those mortgages.
Can I get a Second charge mortgage?
To get a second charge mortgage, you need to:
- be a homeowner
- be 21 or over
- prove you can afford to meet the repayments on your existing mortgage and a new second charge mortgage