Why use Prospero Finance to find your Second Charge Secured Loan?
A second charge loan can be an effective way of releasing equity from a property you own. They are ideal if you want to consolidate debt, complete home improvements, or as an alternative to a re-mortgage. With current mortgage rates at an all time low, if you are on a low tracker or your lenders standard variable rate, then a re-mortgage may not be the most cost effective way to release capital from a property, but you are still able to capital raise with a secured loan without affecting your current mortgage rate.
Loans between £25k and £2.5m
No early settlement fees on secured residential home loans
Homeowners and Landlords only
Second charge - Security
No Upfront Fees
All circumstances considered
About Second Charge Secured Loans
A second charge secured loan is quite often referred to as a second charge mortgage because it is a loan secured against the available equity in a property you own. The security is usually in the form of a second charge mortgage against the property which means that it sits behind and does not affect the primary (first charge) mortgage.
Second charge secured loans can be considered under the following circumstances:
- You must be a homeowner to get a second mortgage, although you do not necessarily need to live in the property.
- Secured loans can be arranged against residential, buy to let and commercial properties.
- You must have equity available in your property to secure the loan against
- Must be able to prove your income and ability to repay
- Must be at least 18 years of age and “the property” must be in the UK
- Overseas applications welcome
Secured loans can be made available for most legal purposes, including:
- Settling tax bills
- Raising a deposit for property purchases
- Raising funds for business investment
- Home improvements
- Debt consolidation
- School/university fees
- Car purchases
- Dream holidays