A ‘second charge’ loan is a personal loan that homeowners secure against the equity in their property.
Second charges can be arranged against:
- Principal place of residence.
- Buy-to-let properties.
- Commercial properties.
LJP Mortgages can introduce you to specialist companies who source their second charges from a whole-of-market representation of the second charge mortgage market of lenders. This enables them to cover all types of products from prime clients through to clients with recent or historic credit problems.
Second charges can be used in a variety of scenarios, for example:
- Avoid paying an Early Repayment Charge (ERC) on an existing mortgage
- Client has a very low variable or tracker mortgage that be uneconomical to redeem
- Raise finance for any legal purpose, including debt consolidation, home improvement and business funding
- Raise money quickly; loans are typically completed in two–three weeks