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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.

Registered in England and Wales No. 16065530

The Wright Mortgage Broker is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register:

https://register.fca.org.uk/s/ under reference 1023919.

The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Ltd Companies.

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Your property may be repossessed if you do not keep up repayments on your mortgage.

Typically there will be a fee for mortgage advice, the precise amount will depend on your circumstances which you will be made aware of before you choose to proceed, but typically this is £450.00.

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Not all services we offer are covered by the FCA

Commission Disclosure: We are a credit broker and not a lender.  We have access to an extensive range of lenders.  Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation.  Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction.  The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender.  Commission paid to us may vary in amount depending on the lender and the product.  The lenders we work with pay commission at different rates.  However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.

It is our intention to provide you with a high level of customer service at all times.  If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call 01708 676110.  If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk

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