Financial Mortgage Advice

Leaf Financial Advisers Ltd.

Second Charge Mortgages

An ideal alternative to remortgaging or a further advance, second charge mortgages provide a fast, cost-effective means of securing funds.

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Flexibile Appointments

We offer flexible appointments, including evenings and weekends, not just 9 – 5.  Because good advice fits around your schedule, not ours. Get in touch to book a time that suits you.

Personal Adviser

You will be assigned your own dedicated adviser. Someone to speak to if you need an update, have a query or just want a chat; they will be there for you.  To make it more convenient you will have their mobile number so you can get in touch, no call centres!

Independent

Our independent status means we are not tied to any one mortgage lender or panel of lenders. This allows us access to the whole of the market, including several specialised lenders, helping you get the best deal possible.

Local Expertise

We are a Bristol based advisory firm and will use our knowledge of the local market to help you get the best deal you can. Our specialised expertise in the local housing market will help ensure your mortgage process goes as smoothly as possible.

Personal Adviser

You will be assigned your own dedicated adviser. Someone to speak to if you need an update, have a query or just want a chat; they will be there for you.  To make it more convenient you will have their mobile number so you can get in touch, no call centres!

Flexibile Appointments

We offer flexible appointments, including evenings and weekends, not just 9 – 5.  Because good advice fits around your schedule, not ours. Get in touch to book a time that suits you.

Independent

Our independent status means we are not tied to any one mortgage lender or panel of lenders. This allows us access to the whole of the market, including several specialised lenders, helping you get the best deal possible.

Local Expertise

We are a Bristol based advisory firm and will use our knowledge of the local market to help you get the best deal you can. Our specialised expertise in the local housing market will help ensure your mortgage process goes as smoothly as possible.

Personal Adviser

You will be assigned your own dedicated adviser. Someone to speak to if you need an update, have a query or just want a chat; they will be there for you.  To make it more convenient you will have their mobile number so you can get in touch, no call centres!

Flexibile Appointments

We offer flexible appointments, including evenings and weekends, not just 9 – 5.  Because good advice fits around your schedule, not ours. Get in touch to book a time that suits you.

Independent

Our independent status means we are not tied to any one mortgage lender or panel of lenders. This allows us access to the whole of the market, including several specialised lenders, helping you get the best deal possible.

Why a Second Charge Mortgage?

A second charge mortgage is a mortgage taken out in addition to the one you already have – it uses excess equity you have in your property and means you will end up with two mortgages.

Mortgages are one of the cheapest forms of borrowing, making a second charge mortgage generally cheaper than using credit cards or personal loans.  However, it is usually only appropriate for larger sums and longer term borrowing.

There is a lot of flexibility in how funds raised from a Second Charge mortgage can be used – from home improvements, debt consolidation to helping family members with a deposit for their own home.

As they run alongside your current mortgage they allow you to obtain additional mortgage funds without having to give up your current deal with a remortgage.  It can also avoid the cost of an Early Repayment Charge that may be payable upon remortgaging a current deal.

Request a Free Mortgage Consultation

Why a Second Charge Mortgage?

A second charge mortgage is a mortgage taken out in addition to the one you already have – it uses excess equity you have in your property and means you will end up with two mortgages.

Mortgages are one of the cheapest forms of borrowing, making a second charge mortgage generally cheaper than using credit cards or personal loans.  However, it is usually only appropriate for larger sums and longer term borrowing.

There is a lot of flexibility in how funds raised from a Second Charge mortgage can be used – from home improvements, debt consolidation to helping family members with a deposit for their own home.

As they run alongside your current mortgage they allow you to obtain additional mortgage funds without having to give up your current deal with a remortgage.  It can also avoid the cost of an Early Repayment Charge that may be payable upon remortgaging a current deal.

Free Consultation!

Get in touch and we will give you a free consultation to discuss your situation and how we can help.

Request a Free Mortgage Consultation

Get in touch and we will give you a free consultation to discuss your situation and how we can help you.

How Can We Help You?​

Whilst a Second Charge mortgage can be a cost efficient method of raising finance it is more complex than a regular residential mortgage and seeking expert advice is crucial to ensure you get the best deal for your situation.

Please get in touch for a free consultation where we can discuss your situation, take you through the types of mortgage you are eligible for and how much you may be able to borrow.

Second charge loans are not often offered by mainstream lenders. Instead, they are offered by second charge specialists that have complex internal processes.  We can use our expertise and current market knowledge to direct your mortgage application to the most suitable lender.

Leaf Financial Advisers are fully Regulated, Independent, Bristol based Independent Mortgage Advisers. 

Ways to get in touch

Fill out our contact form and an adviser will call you back at a time that is convenient to you

Give us a ring for a Free no obligation discussion on how we may be able to help you: 01173 823 823

Drop us a line with any query you may have and we'll make sure we get back to you as quick as we can: contact@leafifa.co.uk

Second Mortgages - Advantages

There are several reasons why a Second Charge Mortgage may be a suitable way to raise funds.  Please get in touch if you would like to find out more or book a Free Consultation.

Examples advantages second charge mortgage

Second Mortgages - Quick Facts

Call us today to let us help take the stress whilst saving you money and time

We search thousands of mortgages to find the one that’s right for you.

Frequently Asked Questions

We answer some of our most commonly asked questions below.  But if you would like to know more then please get in touch and we will be happy to answer any query you may have.

A Second Charge Mortgage is an additional mortgage on top of your existing mortgage.

Unlike a standard remortgage where you replace your current mortgage for a different one (with the new mortgage paying off the old) a Second Charge Mortgage is paid alongside your current mortgage.  As such you will make two mortgage payments and have two outstanding mortgages.

The “Second Charge” part of the name refers to the fact that it is the second debt which is lent against (“charged against”) your property.  Your original mortgage is the “First Charge . 

You need to be a homeowner already to get a Second Charge Mortgage, though you don’t need to live in the property. It is usually used to free up the equity in your home.

Only homeowners can take out second charge mortgages, but you don’t have to live in the property to apply.  You will need to have sufficient equity in your property.

There is no need for a deposit but lenders will need to assess your ability to make repayments.  

You will likely also need to get permission from your existing mortgage lender, as mortgage lenders tend to have conditions in the mortgage contract forbidding additional lending being made against the property without their permission

However, most lenders are happy to consider granting permission for a second mortgage, as they fear that a refusal will lead to a remortgage and loss of the original loan.  This is where a mortgage broker can add value to the process by helping to gain the permission of the original lender.

Second Charge Mortgages are often used to raise extra money for a specific reason. These could include major repairs, home extensions or personal costs. Second Charge Mortgages are an alternative way of raising this money to either extending your existing mortgage (a “Further Advance”), remortgaging to a different, larger basic mortgage, or taking our unsecured lending (such as a credit card or personal loan).

 As mortgage applications have become tougher in recent years, Further Advances and remortgaging can be difficult for those who have become self-employed or have variable income through a small business. Second Charge Mortgages are often used instead of remortgaging if your credit rating has dropped meaning you could face higher interest rates on your remortgaged loan. They are also used when the early payment fee is very high on your current mortgage, making remortgaging costly. Like basic mortgages, your property is at risk if you don’t keep up the payments.

A second charge mortgage will almost always be more expensive than taking out an equivalent first charge mortgage (a “regular” home owners mortgage).  However, with mortgage rates constantly changing a new second charge mortgage may be less expensive than an existing first charge mortgage, as rates may have fallen since the original mortgage was taken out.

Contact Us

Please fill out the below form and an Adviser will call you back at your requested time:

Finding the right independent financial adviser (IFA) is an important decision and should not be made hastily.  We want to help you make the right decision, both for which adviser you select and what type of advice you elect to receive.

We offer an initial consultation for free without cost or obligation, giving you the opportunity to ask any questions you have about the advice process, our firm, our costs or anything else you are unsure about.

Clients often worry that advice will cost too much.  Our Fair Price Promise means we will only engage a new client if we believe the benefit will exceed any fees we may charge.

Please get in touch today for a chat about how we can help you.

Give us a ring – 01173 823 823

Drop us a line – Contact@LeafIFA.co.uk

Send us a Tweet – @BristolIFA

Find us on Facebook – Leaf Financial Advisers Ltd.

Fill out our contact form and an adviser will call you back.

Give us a ring for a Free no obligation discussion on how we may be able to help you: 01173 823 823

Drop us a line with any query you may have and we'll make sure we get back to you as quick as we can: contact@leafifa.co.uk

Thank You!

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