100% Recommend

Simon Nicholson

Expertly compared by Simon Nicholson

Products Updated November 9, 2021

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

10 providers expertly compared:

Learn More Available via broker only

Paragon Bank

Loan Amount
£20,000 - £500,000

Initial Rate
3.6%

Loan Term
5 - 25 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

3.6%

Total repaid will be:

£50,805

Second charge mortgages for homeowners in England, Wales and Mainland Scotland. We work hard to make sure we have a wide range of loans to meet our customers' needs. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Masthaven Bank

Loan Amount
£10,000 - £500,000

Initial Rate
4.19%

Loan Term
5 - 35 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 75%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.19%

Total repaid will be:

£50,805

We were the first new bank to be awarded a banking licence in 2016. However, we’ve been providing a flexible and personalised approach to secured lending since 2004. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

United Trust Bank

Loan Amount
£10,000 - £125,000

Initial Rate
4.45%

Loan Term
3 - 30 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.45%

Total repaid will be:

£50,805

United Trust Bank’s highly skilled and experienced specialised mortgage team offers innovative lending products through a panel of approved introducers. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Shawbrook Bank

Loan Amount
£10,000 - £500,000

Initial Rate
4.2%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 90%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.2%

Total repaid will be:

£50,805

If you’re paying out for a number of different loans or credit cards, a debt consolidation loan from Shawbrook Bank could save you money every month in interest. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Step One Finance

Loan Amount
£5,000 - £500,000

Initial Rate
6.9%

Loan Term
5 - 30 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 95%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

6.9%

Total repaid will be:

£50,805

Our homeowner loan products are available to qualifying homeowners and owners of Buy-to-Let properties in England, Scotland and Wales with loan amounts available up to £150,000. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Together Money

Loan Amount
£3,000 - £1,000,000

Initial Rate
6.65%

Loan Term
3 - 30 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 77.5%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

6.65%

Total repaid will be:

£50,805

If you need to raise funds, for example, to make home improvements or get on top of your debts, and you have existing equity in your home, a secured loan could be the right option. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Optimum Credit

Loan Amount
£5,000 - £500,000

Initial Rate
4%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4%

Total repaid will be:

£50,805

We offer a straightforward, customer friendly approach, both during your application process and after completion of your second charge mortgage. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

Oplo

Loan Amount
£5,000 - £50,000

Initial Rate
8.0%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 70%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

8.0%

Total repaid will be:

£50,805

Here at Oplo we offer secured loans from £1,500 to £50,000 (subject to your personal circumstances) to new and existing customers. Get a quote today for a personal illustration from our award winning broker.

Representative Example

10 providers expertly compared:

Learn More Available via broker only

Evolution Money

Loan Amount
£1,000 - £20,000

Initial Rate
10.20%

Loan Term
1 - 15 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 95%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

10.20%

Total repaid will be:

£50,805

We won’t rely on automated credit scores. At Evolution Money, people take the decisions and they look at you, not your credit history or the amount of equity in your home. Get a quote today for a personal illustration from our award winning broker.

10 providers expertly compared:

Learn More Available via broker only

West One Secured Loans

Loan Amount
£10,000 - £500,000

Initial Rate
3.99%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

3.99%

Total repaid will be:

£50,805

West One offers an extensive range of second charge mortgage solutions that can be secured on buy-to-let properties, including unregulated buy-to-lets as well as regulated consumer buy-to-lets. Get a quote today for a personal illustration from our award winning broker.

Check My Eligibility
Application Criteria?

Application criteria for this product is:

  • Homeowners Only:

Read our customer and visitor reviews for this product:

Rating: 4.6 / 5 with 31 votes

Good for secured loans

by Abdul R

Good service for secured loans with a full brokerage service. Good panel of lenders to suit most customers.

Found the right mortgage I was looking for

by Mrs Dale

Had a very positive experience using the mortgage pages. Thankyou.

 

Get The Best Second Charge Mortgage Rates with Lending Expert

If you are considering a second charge mortgage or second charge loan, Lending Expert can help you find the best rates from the whole of the UK market.

With the option to borrow up to £500,000 repaid over 1 to 30 years, our price comparison table allows you to compare the rates and terms offered by the UK’s most competitive secured lenders.

Your home will be used as security and can usually receive funds in a matter of weeks. Simply compare the different loan options provided and click on ‘Check My Eligibility.’ You will be asked to complete a few questions online and partnered with the award-winning Loans Warehouse, we can provide you a personalised quote today!

 

What is a Second Charge Mortgage?

A second charge mortgage, commonly known as a ‘second mortgage’ or ‘second charge loan’ can be an effective way to raise funds without having to remortgage or leave your home. 

Your home is used as a security, so it is also referred to as a secured loan, and this may be at risk of repossession if you cannot keep up with payments.

It is called the second charge because it is the second in line to be paid every month, with your main mortgage on your home acting as your first charge. So the LTV is likely to be lower than your first charge and the interest rates are a little higher, since the second charge mortgage lender is now second in line to receive payment.

 

  • Raise money against the equity already paid into your home
  • Continue to live in your home
  • Repay over 1 to 30 years

 

A second charge mortgage means that you take a lump sum out of the mortgage which has already been paid on your home. You can use the equity of the home to secure the loan, meaning that you will have two mortgages on the house. 

You can also only take out a mortgage on the equity which you have paid into the house, so for example a £200,000 house with £110,000 on the mortgage means that your second charge mortgage will only be available up to £90,000. You will need to discuss the equity with the lender before making any decision.

 

Why Take Out a Second Charge Mortgage?

Today, second charge loans are very popular as a way to pay for home improvements, to consolidate debts or pay for large purchases such as an event, wedding, gifting to family members or to start a business.

Certainly in the case of debt consolidation, if you have multiple loans, student debt and credit card bills outstanding, you can settle the accounts much quicker if you can pay them off immediately and stop the interest and fees from accruing over time. Be aware that you are moving unsecured debt into secured debt which could put your house at risk.

 

  • Ideal for debt consolidation and large purchase such as weddings
  • Can help those who are self-employed 
  • Can be more cost-effective and practical than remortgaging

 

Second charges can be popular for those who are unable to get approved for unsecured loans due a recent spell of bad credit or because they are self-employed. Or perhaps the rates are so favourable, it makes more economical sense than other traditional loans.

Equally, if you are looking to access some money, using a second charge loan can be more cost-effective than remortgaging. If you wish to remortgage within a certain timeframe, this can incur early repayment fees or you may find yourself paying more due to current rates or the increased value of your home. It is worth doing your homework beforehand and getting quotes from different lenders, but sometimes using a second charge mortgage is cheaper.

 

What is the Eligibility Criteria?

  • UK only
  • Must be a homeowner
  • Must have equity in their home
  • Can afford monthly repayments
  • Employed and earning a regular income
  • All credit histories considered

 

What Information Do I Need to Provide to Apply?

  • Current equity in your home
  • Value of your home
  • Proof of address and ownership
  • Proof of income
  • Amount you wish to borrow and how long for

 

Can I Take Out a Second Charge Mortgage for Buy-to-Let or as a Contractor?

Yes, you can apply for a second charge mortgage for buy-to-let purposes or as a contractor. You may wish to take out a loan in order to build up or renovate another property to create an additional stream of income or as part of your job.

Our partners are willing to consider second charge loans for any purpose – simply submit your details in less than 5 minutes and get a provisional quote today!

 

How Much Can I Borrow?

Lending Expert works with second charge mortgage companies who offer £10,000 to £500,000 over 1 to 30 years – with the amount you can borrow based on your income, house valuation and equity in your current home.

 

When Should You Not Take Out a Second Charge Loan?

Using a second charge mortgage may not be appropriate for every type of debt consolidation. If you are taking lots of credit cards and converting them into a secured loan, this could put your property at risk if you have no foreseeable plan to repay them on time. Some types of debt may be perfect for consolidation such as paying off student debt or school fees.

If you are already struggling to pay off your first mortgage payments, adding further debt on top may not be advisable. This could put you under greater financial pressure and put your house at risk of repossession. 

 

How Can Lending Expert Help Me Get a Second Charge Mortgage?

Lending Expert is proud to be working with the UK’s leading second charge mortgage companies and Loans Warehouse, voted the number 1 secured loans broker in the country.

Offering a free and no-obligation quote, we require a few basic details which can be completed using our online form. 

We have helped hundreds of people find the best second charge deals for them – changing their lives and giving them important financial freedom. 

With no fees for applying and no impact to your credit score, simply enter your details using our form provided and we can give you an indicative quote today!

FAQ

You should probably not get a second mortgage if you plan on moving home in the next year or two, but second charges are portable, so you can typically move them onto another mortgage or property. You may find also it is worth paying off the second charge in full and then getting a new mortgage deal altogether.

There are other types of loans that can offer sums of £15,000 or £25,000 which do not require using your home as security. This includes peer to peer loans, guarantor loans or personal loans (if you have a good credit rating). If you are over 55, you can also consider using equity release to withdraw money that is tied up in your home.

It is important to explore your options and that is why using a price comparison like Lending Expert is useful. You can also speak to your existing mortgage lender to find out how much equity you have in your property, the cost of remortgaging and whether this is more effective and also whether any early repayment fees apply. Understanding all your options including loan terms, rates and fees, will be essential to help you get the best deal possible.

Yes, for some people who struggle to get approved for loans due to be recently or long-term self-employed, our lenders are more likely to take a view and help you get the loan you need.

Yes, if you have bad credit, you can borrow via second charge, but be aware that falling behind on payments could put your property at risk of repossession.

Related Links

Loans For Self Employed

If you're self employed and need a low rate loan we can help. Apply in confidence with Lending Expert.

Loans For Pensioners over 65

If you're a pensioner or over the age of 65 and need a loan we can help. We can quickly check your eligibility online.

Bad Credit Loans

If you have bad credit issues or a low credit score and need a loan we can help.

Secured Debt Consolidation Loans

If you're a homeowner and wish to consolidate your debts into an easy to manage loan we can help. Check your eligibility and compare rates with Lending Expert.

Second Charge Mortgages

Take out and apply for a second charge mortgage with the help of our expert loan brokers.

Home Improvement Loans

Make home improvements with a secured home improvement loan. Get expert advice and market comparison with Lending Expert.

Bridging Loans

Short term bridge finance from our expert team of brokers. Loans from 1 - 24 months from a wide range of lenders. Apply online with Lending Expert.

Homeowner Loans

Quickly check your eligibility and apply online for a homeowner loan with Lending Expert.

Personal Loans

Apply for a personal loan from 2.9% APR online here at Lending Expert today.