In our post-pandemic world, we are seeing lots of changes for the needs of borrowers! Do you need specialist help? Reach out, and we’ll help you get organised and secure your new mortgage!
For those still benefiting from low mortgage rates, many homeowners have chosen to take a second charge rather than remortgage, say for debt consolidation and home improvements.
A second charge mortgage is a loan that is secured against a property that already has a primary mortgage (first charge). If you have a property with a first mortgage, you can take out a second mortgage to access additional funds. But, second charge loans typically have higher interest rates and come with closing costs, which you'll need to pay upfront when taking out the loan.
You might consider a regular re-mortgage or a re-mortgage with additional borrowing as alternatives to a second mortgage. However, for those with low mortgage rates, many homeowners are choosing to take a second charge rather than remortgage. Using the funds for home extensions or office spaces, which in the long run, will add more value.
Specialist solutions can provide borrowers with flexibility and more options. Specialist lenders adapt, providing finance to match the changing property trends. We can also help borrowers who may be struggling financially. Giving you flexibility and choices.
We are here when you need us. Give us a call today to chat more about your options and the best way to manage your mortgage.
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Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.