Second Charge Loans
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has second call on the property if the borrower defaults.
Second charges tend to be more expensive than ‘firsts’, but can still be the best option for people seeking to raise capital – but whose main lender is unwilling to provide further finance, or where expensive early redemption charges would be incurred.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone. This is a referral service.
|FTSE All Share||4,076.24||15.12||0.37|
|United States Dollar|