- Leeds: 0113 3200720
- York: 01904 500502
- Durham: 0191 5800566
- Middlesbrough: 01482 240224
If you are a property owner and in need of finance but struggling to obtain a mortgage, we can help. In this case, we can look at the option of a secured or "second charge" loan. This is similar to any other "first charge" mortgage in many ways; however the criteria for secured loans is usually more flexible than for conventional mortgages, and they can fulfill requirements that may not be feasible on a first charge basis.
Although you will need to own a property, it isn't required that you reside there. You can apply for a secured loan using either your 'buy to let' or residential property. You simply use your property's equity or residential value for security so you will essentially have two mortgages. By equity, we mean anything which you outright own, so your property's value minus any outstanding mortgage payments.
As a second charge loan is secured against property, you may be offered improved rates over unsecured loans options and have a far more attractive choice to make. So if you have been disheartened by what is available on the unsecured market, a second charge loan could be the perfect solution. Often, self-employed people or those with a poor credit history but whom have made improvements to their circumstances, choose this type of loan.
It could be that you are very happy with your current mortgage deal and wish to use funds for personal reasons, such as your child's education, improving your home, or debt consolidation.
It may be that your credit rating has worsened since taking our first mortgage and remortgaging could result in you paying more interest, as opposed to just on the finance that you're seeking to borrow. A second charge loan may well make more financial sense in this case.
Or you may wish to continue with an appealing lifetime tracker mortgage while seeking funds for other projects.
To find out more about how we can provide you with the funds you need with a secured loan, call us any time of the day on 0800 270 7074 or on one of our local landlines shown on this website. Our professional advisers will offer you free, no-obligation advice and are only too happy to answer any questions you may have. There is always someone here to take your call, or you could simply out the form below.
We do our best to make sure there is a qualified advisor always available to speak with you and provide a free telephone consultation! Call Leeds: 0113 3200720 - York: 01904 500502 - Durham: 0191 5800566 - Middlesbrough: 01482 240224 now .
Suite 1, Devonshire House, Devonshire Avenue, Leeds, LS8 1AY.
Tel: 0800 270 7074
Fax: 0844 686 9555
VAT Number: 982074308
York Eco Business Centre
Amy Johnson Way
Tel: 01904 500502
9 City West Business Park
St Johns Road
Tel: 0191 5800566
75a Devonshire Ave
Tel: 0113 3200720
47 Aiskew Grove
Stockton On Tees
Tel: 01482 240224