Second charge mortgages are also known as second mortgages and this means having two mortgages on your home. If you are looking to release the equity in your property, then a second charge mortgage may be the right solution for you.
Second Charge Mortgages
Your property is your biggest asset and if you are looking to release funds or borrow funds from another source then taking a look at the option to get a second mortgage on your home may be the right choice for your personal circumstances. Many homeowners opt for a second mortgage rather than a re-mortgage for a variety of reasons. Speaking with the expert team at Rosebank Mortgage Brokers will let you explore all your options and get the best rates and the best deal for you.
There are many reasons people choose to take out a second mortgage on their home, they may want a large loan (to do a home extension for example) and the rates are better on a second mortgage than that of a personal loan, they may want to consolidate their existing debts but can’t secure the funds as a personal loan, their current mortgage has a high early repayment charge making a second mortgage cost effective, or their credit rating has gone down since the last mortgage application so the rates will be higher.
Second Mortgages London
Sometimes a second mortgage can be cheaper than re-mortgaging, but this, as with everything concerning personal finance, will be dependent on your personal financial circumstances as what is right for you will not be the right solution for the next person. This is why speaking with expert mortgage brokers really helps, they can look at your finances and your goals and match that with the best products that meet your needs on the market.
Second charge mortgages are assessed in a similar way to a standard mortgage in that they will take into consideration your current financial position, credit and repayment history and affordable lending criteria when looking at your application. Just as standard mortgages are secured on your home, so are second charge mortgages.
Discussing all your options with one of the expert team at Rosebank Mortgage Brokers is the best way to get the financing you need talk to us today.