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Second Charge Loans

When your existing lender won’t further borrowing or extend funds, a 2nd Charge could help achieve your plans.

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Is borrowing more expensive than with the existing lender?

Usually yes, a 2nd charge is more expensive as, as the name suggests, a second charge sits behind the 1st charge. This means that should a lender have to repossess, the 2nd charge lender is the last to be paid. So clearly a higher risk

If it is more expensive, why use these?

Flexibility is perhaps the main reason and the 1st charge lender not being able to either offer the funds required, or not wanting too.

So a 2nd charge lender typically always for a higher borrowing amount, can cater for adverse credit and the reasons for the funds, for example a tax bill, is usually far more amenable than the offering of a 1st charge lender.

2nd charge Mortgages are always a consideration however we would always look all alternatives, should these be available.

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What are the set-up costs?

Varies from lender to lender but a lot will be happy to cover the valuation and legal costs themselves upfront, meaning no upfront cost to you.
These fees then only payable on completion however even then, they are usually added to the loan amount so effectively no payment fees will need to be taken, should this be a scenario you wish to go down.

How long does the process take?

Typically 4 weeks but can be sooner if needed.

My lender won’t allow for a 2nd charge, what can I do?

Not an uncommon scenario but something we can cater if your existing lender
does not wish to have a 2nd charge sitting behind theirs.