If you need extra money but want to keep your current mortgage, a second charge loan without remortgaging could be the right choice. This loan lets you borrow money secured against your home without switching your mortgage. It is especially helpful if you have a fixed-rate mortgage and want to avoid early repayment charges on a fixed mortgage. Instead of remortgaging, you get quick access to funds.
Why Use a Second Charge Loan?
There are many reasons to get a secured second charge loan on your property:
Avoid Early Repayment Charges on Fixed Rate Mortgages: If your mortgage is fixed, changing deals early can cost a lot. A second charge loan lets you borrow money without paying these fees.
Home Improvement Loans Secured on Property: Need to fix or improve your home? Use this loan to pay for renovations, new kitchens, or repairs.
Debt Consolidation Loans Secured on Home: Combine your debts into one loan to make payments easier.
Second Charge Loans for University Fees: Help pay for university tuition or living costs with this loan.
Buy-to-Let Property Deposit Loan: Planning to buy a rental property? A second charge loan can help with the deposit.
Income and Employment Requirements
Lenders check your income and job status when you apply for a second charge loan for employed and self-employed applicants. If you work for a company, you will need to show payslips and proof of work. If you are self-employed, lenders usually ask for at least two years of accounts or tax returns. They may also consider pensions or rental income to make sure you can afford repayments.
Costs and Fees for Second Charge Loans
Before you apply, know the costs and fees associated with secured second charge loans. These may include:
Arrangement Fees for Second Charge Loans: A setup fee that can be a fixed amount or a percentage of the loan.
Property Valuation Fees: Your home must be valued. The fee may be paid upfront or added to the loan.
Legal Fees for Secured Loans: Because this loan is secured on your property, legal work is needed. Sometimes these fees are included in the loan.
Early Repayment Charges on Second Charge Loans: Some loans charge fees if you repay early. Check the loan terms carefully.
How Does a Second Charge Loan Work?
A second charge loan is secured on your home but ranks behind your main mortgage. This means your primary lender is paid first if you sell or refinance. You can repay your loan in two ways:
Capital and Interest Repayments: You pay back the loan plus interest each month until it’s fully repaid.
Interest-Only Repayments: You pay just the interest monthly but must have a clear plan to repay the loan amount at the end of the term.
Important Things to Remember
If you choose interest-only payments, make sure you have a plan to repay the loan at the end. Also, second charge loans beyond retirement age are available, but you need to show that you can afford repayments on your retirement income or other money sources.
Why Choose Orchard Mortgage Solutions?
At Orchard Mortgage Solutions, we give expert advice on second charge loans tailored to your needs. Our friendly team will guide you through the process and help you find the best loan option with clear terms and competitive rates.
Contact Orchard Mortgage Solutions today to discover how a second charge loan can help you fund home improvements, consolidate debt, support university fees, or finance a buy-to-let deposit—without remortgaging.
📞 Call us today 01257 543013 to speak with one of our expert advisers 📧 Or use our contact form to arrange a no-obligation consultation
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By consulting reputable mortgage brokers, such as our advisors at Orchard Mortgage Solutions, we will search for the best-specialised deals so that you can find a second charge loan best suited to you.
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Great Service throughout the application. Jatinder Paji, very professional, kind and helpful throughout. Ring him anytime or leave a message, always there to advise not only on… More the Mortgage but any other advise you not sure of. Brilliant 5 star service. Can't recommend enough. Thanks for your support throughout.
I had an absolutely fantastic experience with Orchard Financial Solutions! From start to finish, the service was professional, clear, and incredibly supportive. A special thank… More you to Andrew Stewart, who went above and beyond to guide me through the entire process. His knowledge, patience, and genuine care made everything so much easier and stress-free.I truly felt like I was in safe hands, and I couldn’t be happier with the outcome. I’ll definitely be recommending Orchard Financial Solutions—and Andrew in particular—to all my friends and family. First-class service all the way.
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We recently completed a remortgage in a matter of weeks (much quicker than expected) through Orchard Mortgage Solutions and I would not hesitate to recommend the company. Andrew… More kept in touch throughout the various stages and also guided us when getting affairs in order and gathering documents together to ensure a quick and positive outcome. We could have gone with a different broker who would have charged a lower fee but, from the outset, Andrew's advice and communication - without ever being 'pushy' - convinced us that our interests were best served by him. I would certainly use the company again if needed in future.
I recently had the pleasure of working with Orchard Mortgage Solutions, specifically with Andrew, to secure a mortgage as a first-time buyer. I cannot express enough how grateful… More I am for the exceptional service and support I received throughout the entire process. One aspect that truly impressed me was the time and effort Andrew spent explaining complex mortgage information in plain English. As a first-time buyer, I had many questions and concerns, and Andrew patiently walked me through each step, ensuring I fully understood the details. His ability to simplify complex concepts made me feel confident and empowered in making informed decisions.The communication from Orchard Mortgage Solutions was top-notch. The team were always prompt in responding to my inquiries, providing updates, and keeping me informed of any progress or changes. Their clear and concise communication style made the entire process smooth and stress-free. What sets Orchard Mortgage Solutions apart is their friendly and personable service. Andrew's approachability and willingness to go the extra mile made me feel valued as a customer. He took the time to understand my unique needs and provided solutions that aligned perfectly with my requirements.I cannot recommend Orchard Mortgage Solutions enough, especially for first-time buyers. Their dedication to providing exceptional service, combined with Andrew's expertise and friendly demeanour, made the mortgage process a positive and enjoyable experience.
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I recently had the pleasure of working with Orchard Mortgage Solutions, and I must say that my experience was nothing short of exceptional. From start to finish, the team, led… More by Andrew Stewart, demonstrated a level of professionalism and expertise that exceeded my expectations.One aspect that truly stood out was the speed at which Orchard Mortgage Solutions operated. They were incredibly efficient in processing my mortgage application, ensuring that everything was handled promptly and accurately. This allowed me to move forward with my plans without any unnecessary delays.The service levels provided by Orchard Mortgage Solutions were truly outstanding. The team was attentive, responsive. Their commitment to delivering a seamless and stress-free experience was evident in every interaction. I highly recommend contacting to Orchard Mortgage Solutions.
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I recently had a fab experience with Andrew and the Team at Orchard Mortgage Solutions! They helped me to secure a mortgage for my new home, which wasn't an easy task!Throughout… More the entire process, they were patient (with my many questions!), helpful, friendly and the level of customer service was fantastic with a very quick response time!They even took advantage of the lengthy time it took our solicitors to complete by reapplying for the mortgage when the rates dropped!Overall, I highly recommend Orchard Mortgage Solutions to anyone in search of a mortgage!
Remortgaging is never an easy process, especially at this point in time with interest rates so variable. The different options are overwhelming - not so once Orchard got to work.The… More options we were presented with far exceeded the ones our own searches had identified. Add on top the need to unlock money for home renovations and it could easily have become an even more arduous process - Andrew’s advice on this was priceless!Thanks to their clear communication and ease of doing business, we’ve switched lenders and are getting on with life. We’d strongly suggest you do the same.
I recently had the pleasure of working with Orchard Mortgage Solutions and from the very beginning, Andrew was patient, understanding and so helpful in explaining everything to… More me. Nothing was too much trouble. Throughout the entire mortgage process, Orchard provided updates, and explained each step in a simple and easy-to-understand manner. I would highly recommend.
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