second mortgage

If you have a fair chunk of equity in your property, you may choose to take advantage by taking out a second charge mortgage. A second mortgage, second charge or homeowner loan is a loan secured against your property. Secured loans may be ideal if you want to borrow a large amount of money. They are usually used to consolidate existing credit, to make home improvements, or to fund major purchases.

Second mortgage

moving debt

A secured loan (sometimes called a second charge) can be a cheaper alternative to a personal loan or a great way of shifting more expensive debts into a cheaper, consolidated finance product – especially if you are already happy with the rate offered by your current mortgage provider.

The debt is of course secured against the equity in your home, so it’s not without risk, but it does mean you will most likely get a more favourable rate than if you were to apply for a personal loan.

Get in touch with one of our advisers to discuss whether a second charge mortgage is right for you.

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second mortgage

If you need some advice about second mortgages, don’t struggle in the dark. Contact us, and set us to work finding your ideal solution. We can even help you out with the application process.

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second mortgages application quick guide

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document checklist
Make sure you can assemble all of the necessary paperwork for your second mortgage listed here.
choose a product
There are a number of different types of second mortgages out there – pick the one that suits you – we’re here to advise you if you need help.
look at affordability
Have a long hard look at your incomings and outgoings to calculate what you can sare each month towards second mortgage repayments.

most common faqs

How much can I borrow for my second mortgage?

It’s the big question. It’s the main reason you come to us and the main reason we can help you. The amount you can borrow will depend on various factors, but if you contact us with some info, we’ll find the best to free up the funds you need.

How much will my second mortgage cost per month?

This will of course depend on the sum borrowed and repayment term, but by discussing your borrowing requirements with one of Affinity’s advisers, you can ensure that you secure a practical package with an achievable repayment scheme.

What is the difference between a second charge mortgage and a remortgage?

A secured loan (also known as a homeowner loan) is a loan secured against your property. Secured loans may be ideal if you want to borrow a large amount of money. They are usually used to consolidate existing credit, to make home improvements, or to fund major purchases. A mortgage is a first charge against your property. We recommend secured loans in a variety of circumstances such as when the client already has a mortgage with a favourable rate, or where there would be a substantial penalty to remortgage.

How do I work out my net income?

If you are employed, you can find this info in the bottom right hand side of your payslip, or if you know your annual gross salary, there are various websites that can calculate your monthly net earnings. If you are self-employed, or require any further advice, please don’t hesitate to contact one of our advisers.

How do I work out my outgoings?

If you click the link here, you can download our Budget Planner which provides a handy guide to calculating your monthly outgoings.

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If there’s anything you’re unsure about, or if you just want to get the ball rolling, please email us – or give us a call if you want to have a word with a friendly human. Or, if you're local, why not pop in, we're based in Southend-on-Sea in Essex.

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