Second charge mortgages are not new products from lenders. However, the transparency and security afforded to these products by the Financial Conduct Authority (FCA) means second charges are now an extremely viable alternative to remortgaging.
At Hayes Finance, we have secured arrangements with many second charge lenders in the market, which means that we are more likely to find a solution for you and get the right type of funding in place according to your circumstances. We will take care of all the administration and walk you through the process so you receive the funding when you need it.
Remember, a second charge mortgage is exactly that. Your property is used as security and you will be paying two payments per month – your existing mortgage and the second charge mortgage.
The flexibility provided by the second charge is impressive, too. You can consolidate existing debts, raising capital for a business, pay for desired home improvements, IVF, sending children to university. The reason why criteria for the release in equity is much more flexible than that of a first charge lender but affordability of the loan is still key and assessed thoroughly by lender & broker.
So while we all dream of being mortgage free, all data is telling us that whilst house prices increase in value there is a method to fund the life we all seek. Second charge mortgages help bring the possible to life.
With the above in mind, suddenly, headlines such as the following are not surprising:
To discuss your needs or applications, contact Hayes Finance today to discuss the best route forward.
T 020 3126 4898