Second Mortgage For Property In Scotland
Second Mortgage Service
We offer a first class service if you are looking for a 2nd mortgage.
Special features of what we offer include:
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Borrow from £25,000 up to £2.5m
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Market leading rates
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Exclusive rates - Access to exclusive loan deals not available on high street
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Fast turnaround - 15 working days possible
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Not a perfect credit record? We have lenders who will take into account previous defaults and missed payments
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Short term finance required? 1 to 12 months - See our bridging loan service
To investigate your second mortgage options call our specialist team on 0117 313 7780 or fill in our call back form.
What is a second mortgage?
Second mortgages are loans on a property which are subordinate to the 1st charge mortgage (loan) on the property.
Second mortgages are often known as secured loans, or homeowner loans.
What can I use a second mortgage for?
A second charge mortgage can be used for almost any legal purpose. This will depend on the lender, but examples of what 2nd charge lenders will accept include:
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Home improvements, renovations and extensions
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Property development
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Purchasing a second home in the UK or abroad
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Buying property at auction
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Debt consolidation
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Additional property
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Car/Vehicle purchase
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Medical bills
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School fees
How do I get a second mortgage?
Different lenders have different criteria but some general rules of thumb are:
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You need to have an existing mortgage in place
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You will need sufficient equity in your property - typically a second charge lender will not lend based on the loan you are looking for over 90% LTV taking into account the existing first mortgage.
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Your credit history will be a factor. Lenders take different views on previous credit blips so talk to us for further information
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Location - where you live in the UK may determine whether you can raise finance on a second charge basis
To find the best second mortgage rates and options open to you call us today on 0117 313 7780