Second Charge Mortgage

Second Charge Mortgage

Second Charge Mortgage is also known as Second Mortgage or Second Charge. It is a mortgage that’s secured against lands and holdings which already have a lease on it. In this kind of loan, you can use any equity you have in your home as security against the lease. It means you will have two mortgages in your residential place. Equity is the portion of your estate owned completely by you, which is the value of the home minus any loan owed on it. There will be a difference between the first and second mortgage as both will be from different loan givers; hence the rates of interest, including terms and conditions, might differ. 

Along with providing Second Charge mortgages, Ask Financial Services also gives services and knowledge of second charge mortgage lenders, second charge mortgage rates, which is equally important to know about. 

How is Second Charge Mortgage or Loan Important?

  • It is beneficial for you to bypass remortgaging as your introductory deal is still going on, and your mortgage has ERCs (early repayment charges).
  • If you are having big dealings on your ongoing lease, you will not want to lose by remortgaging.
  • It is best for you if you do not need to lengthen the duration of your current debt.
  • You can opt for this kind of loan if your existing lender is not ready to land you further any advance.
  • If you get to know that your credit evaluation has fallen since taking out your first mortgage.
  • If you are coping with taking some form of unsecured borrowing.

How Can “Ask Financial Services” Help You?

We take care of everything, all kinds of service along with consultancy is given to our esteemed clients to make their process of taking lease error-free. Having experience of years has led us to the position we have seen it all. We are the ones who can help you save your time, money and make your dream come true.