Second Charge Loans
Additional borrowing which doesn't affect your existing mortgage
There are many reasons why a second charge mortgage could help if you need to raise funds and do not want to remortgage. You may want to make home improvements, gift your children money to help with a deposit on their first home, or simply want to consolidate your debts and free up some of your monthly outgoings.
Second Charges can be used for many reasons and means you can borrow more
Below are some examples of when a second charge mortgage would be the ideal product.
When is a Second Charge required?
• Currently have an attractive interest rate they do not wish to lose
• Low credit rating required for mainstream borrowing
• You need a higher income multiple than high street lenders – we start at 6 times income
• You have an interest-only mortgage you do not want to give up
The benefits of a Second Charge
• Flexible terms and lending criteria
• Speed of delivery – typically between 2 – 3 weeks
• Up to 75% Loan to Value (LTV) on BTL properties
• No upfront costs
When is a Second Charge required?
• Avoid paying high early redemption penalties on existing mortgage
• Currently have an attractive interest rate they do not wish to lose
• Low credit rating required for mainstream borrowing
• You need a higher income multiple than high street lenders – we start at 6 times income
• You have an interest-only mortgage you do not want to give up
The benefits of a Second Charge
• Available up to 110% Loan to Value (LTV)
• Flexible terms and lending criteria
• Speed of delivery – typically between 2 – 3 weeks
• Up to 75% Loan to Value (LTV) on BTL properties
• No upfront costs
• No Early Repayment Charges (ERC's) on many products
Why Clark Finance?
- Quick easy application process
- No minimum income required for buy to lets
- No maximum age requirements for buy to lets
- Personal or Limited Company finance available
- Interest only mortgages available
- Ex-Pat & Foreign national mortgages available
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