Second charge mortgages are a secured loan. They use the home of the borrower as security. Many people see second mortgages as an alternative to remortgages, and there are some important differences between the two which you should be aware of before taking out a second mortgage.
The Friends Capital team have extensive knowledge of both remortgages and second mortgages and can help you decide between the two.
For starters, you are only eligible for a second mortgage if you are a homeowner. Just like a regular mortgage if you fail to repay, you could lose your home. Typically second mortgages start from £25000.
A second mortgage is exactly as it sounds, a second mortgage on the same property so you’ll have two mortgages to pay.
While you must be a homeowner, you don’t need to live in the property you’re securing the loan against; it could be a property where you have a buy-to-let mortgage.
Individuals take out second mortgages for several reasons, these include:
You can borrow between £25000 and £500,000 depending on the equity available within your property. Simply give us a call and let us know the amount you need, and how quickly you could repay it. We’ll do the rest!
Why choose Friends Capital?
Friends Capital work with all of the UK’s top insurance companies and financial institutions meaning we represent the very best the market has to offer but brought to you with independent and impartial advice.
We will explain the pros and cons of different products and make sure that the solution you end up with will be the right one for you.
Our reputation is our bond. Friends Capital guarantee to deal with everyone with total understanding and empathy of your needs and circumstances. We do not prejudice anyone and work hard to bring you the best possible deal and outcome, regardless of your situation.
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