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Second Charge on Property

A second charge is finance designed with property owners in mind, and could prove to be an accessible alternative to remortgaging or further advances.

Key Features

  • Borrow £5,000 to £2.5m
  • LTV up to 95%
  • Flexible lending
  • Independent from existing mortgage
  • Residential, Buy to Let & Commercial property accepted
  • All types of credit history considered
  • Loan terms from one year with low or no early repayment charges

Can You Have Two Mortgages on One Property?

In short, yes.

A second charge allows you to borrow funds that are secured against your property, which sits behind a current mortgage. This means the second charge on your property is in addition to any existing (first charge) mortgage you may have and is commonly used for:

  • Borrowing without effecting your current mortgage rate or being charged ERCs
  • Obtaining finance quicker than remortgaging
  • If you have adverse credit and need to borrow more than your current mortgage amount
  • Releasing funds for another property purchase or home improvements
  • Consolidating existing unsecured debt
  • Any other legal purpose

 

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Why choose Ignite?

Whether you’re taking out a mortgage for the first time or are shopping around after receiving an insurance renewal quote, it’s unlikely you’ll want to spend hours on the phone acquiring quotes. Well, now you don’t need to.

You can calculate your needs, get quotes, compare offers and take our insurance all from the comfort of your sofa with our help.

We’re a modern mortgage and insurance broker that aims to give you what you want – affordable finance and insurance at the click of a button with no upfront fees.

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