Secured Loans (Second Charge Mortgages) in Doncaster

Secured Loans (Second Charge Mortgages) in Doncaster

Also known as “Second Charge Mortgages”, secured loans are loans that are secured on your property, usually with higher rates of interest than standard mortgages. The reason for this, is because in the event of a repossession, the provider can only get their money back once the original mortgage has been repaid.

There is also an additional risk to higher rates and fees. Whilst secured loans are more expensive, once known as a “last resort”, they can often be just what is needed.

There are 3 main options if you need to raise money against your property:

  1. You would like a further advance from your current Lender
  2. It’s time to Remortgage and you’re wanting to move to a new Lender
  3. You’re looking to do a Second Charge mortgage

If the amount is small, your best bet would probably be unsecured borrowing. Taking out a secured loan means your current mortgage stays exactly the same. The new amount you want to borrow will be with a different provider on a separate direct debit. The length of the term you can borrow for, can either be longer or shorter than your main mortgage.

Some of the main reasons people take out additional borrowing are:

  • Home improvements
  • Debt consolidation
  • Purchasing cars or other vehicles
  • Paying for a wedding/honeymoon/special anniversary/holiday
  • Injecting cash into businesses
  • Paying for school fees
  • Paying tax bills
  • Cosmetic surgery

Here are some of the reasons why you might decide a Second Charge Mortgage is the most suitable option:

  • Wanting to retain your current mortgage because it has a low-interest rate
  • Hoping to retain your current mortgage because it’s interest only and you prefer to keep it that way
  • You are recently self-employed
  • Your income is derived from multiple sources
  • Since you last took out a mortgage your credit rating has deteriorated
  • Due to early repayment charges, you want to avoid remortgaging
  • You need to raise funds very quickly
  • Looking to raise capital against your UK property to purchase foreign property
  • Prefer not to use your current Lender to raise funds
  • Your current mortgage lender has declined your further advance application
  • Wanting to raise funds to purchase another property which isn’t suitable for a mortgage (non-standard construction/property in poor repair)
  • In need of capital to pay business tax liabilities or to clear a business overdraft

Doncastermoneyman.com & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2023 Doncastermoneyman

Doncastermoneyman, 3 Cavendish Court, South Parade, Doncaster, DN1 2DJ.

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