A second charge mortgage is where the equity in your current home is used as security against another loan, and means having two mortgages against your home. This could be for anything upwards of £1,000, and is still subject to the usual affordability checks conducted against all mortgages. The second charge mortgage will be subject to the usual payment terms, with repossession a consequence if you default on the payments, and you will need to have enough equity in your property to cover the loan.
There are many uses to second charge mortgages. They can assist if you’re unable to obtain unsecured borrowing such as a personal loan, and it can be a cheaper option to remortgaging, allowing for a lower overall interest rate and no early repayment penalties. However, you should be aware that an second charge mortgage may run up to 25 years, and shouldn’t be used to consolidate small unsecured loans, as the amount of interest may be greater overall.
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
At Aston & Co we have the experience and the know-how to help you find the best second charge mortgage deal to suit you and your budget. Our friendly and professional advisors are on hand to guide and support you in your choices. Contact us today to discuss your needs and pave the way to your happy-ever-after.
Monday 9:00 am – 6:00 pm
Tuesday 9:00 am – 6:00 pm
Wednesday 9:00 am – 6:00 pm
Thursday 9:00 am – 6:00 pm
Friday 9:00 am – 6:00 pm
Saturday 9:00 am – 3:30 pm
Sunday CLOSED
67 Long Street
Wigston, Leicester
LE18 2AJ
01162883872
info@astonandco.co.uk
1242-1244 Melton Road
Syston, Leicester
LE7 2HB
01162607788
syston@astonandco.co.uk
2017 © Aston & Co. All rights reserved.
Registered office address: 7 Kevern Close, Wigston, Leicester LE18 2GR
Company registration number: 8791111
Aston & Co Financial Services is an appointed representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.