Second charge mortgage allows you to use any equity you have in your home as security against another loan.
There are several reasons why a second charge mortgage might be worth considering:
- if you’re struggling to get some form of unsecured borrowing, such as a personal loan, perhaps because you’re self-employed
- if your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage. A second mortgage means extra interest just on the new amount you want to borrow
- if your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than to Remortgage.
At Smooth Financial Solutions we have access to these Lenders.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.CONTACT