Are you a homeowner already but looking to secure a second charge mortgage? We’re here to help you along the path to successfully obtaining a second charge mortgage, having years of experience in the sector and partnering with trusted financial institutions to give you the best deal around.

These types of mortgages are always secured, and they use your home that you live in at the moment as a form of security. This is another option that you have at your disposal when you need to raise money without going through the whole process of remortgaging your existing property which can have significant adverse effects. Failing to pay back a second charge mortgage, the same as with any other mortgage, means that you could potentially lose the home you live in, so we’re here to help you weigh up the decisions with a clear mind so you can make an informed choice.

This style of mortgage relies on any equity that you have in your existing home, and helps you to release that. Equity is basically your home’s value once the mortgage payment excess has been taken into account. It essentially means that you home will actually have two mortgages taken out on it. You can expect to borrow as much as you have equity, for example if your home is valued at £300,000, and there’s only £100,000 left to pay off your mortgage, then your home’s equity is £200,000 and that is how much you can borrow from a lender.

As you can imagine, there are numerous regulations affecting how these types of mortgages can be undertakes, both within the UK and wider EU governing rules, however here at Charles & Derby Estates we have vast experience in this sector and are here to guide you at every step with our expert knowledge.