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One of the biggest challenges you may face when trying to capital raise when your lender may not give you a Further Advance (when you take on additional borrowing from your current mortgage lender) and large early repayment charges may stand in the way of re-mortgaging.

Whether the money required is for debt consolidation, home improvements, paying a tax bill, matrimonial settlements or for any other legal purpose, there is another solution.

With a second Charge Mortgage you could borrow money behind the first mortgage and would not have to pay a penny in terms of early repayment charges. Effectively you would have two Mortgages, similar to a further advance, though further advances tend to be with a different lender.

A common myth is that second charge mortgages are just for people with bad credit or those in debt however, over 90% of our secured loans are taken out by people who would qualify for a High Street Mortgage in respect of credit profile and affordability. The most popular reason people look to a second charge mortgage is to avoid paying the often-large Early Repayment Charges associated with their mortgages.

Another myth, is that the fees and interest rates are high on Second Charge Mortgages, when in fact rates start from around 3.5% and product fees from a little as £350, making it a suitable and befitting option for many looking to adjust their financial situations.

In short, a Second Charge Mortgage could provide a suitable choice when assessing financial options. Speaking to your adviser could help you adequately assess your options, but despite the myths surrounding Second Charge Mortgages, they could be a fitting option for your needs.

If you’d like to discuss your finances, get in touch today.

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