Second Charge Mortgages

What is a second charge mortgage?

A second charge mortgage sits below the first mortgage and is secured against the property. A second charge mortgage can help fund a number of things, from home improvements, holidays or more commonly provide a debt consolidation source. The result is two separate loans secured against the value of the property, but the second loan will not affect the first.

A homeowner with an outstanding mortgage and with enough equity in their property to cover the amount to be borrowed can apply for a second charge mortgage.

Why a second charge mortgage could be the solution:

  • Your client’s current mortgage has a high Early Repayment Charge
  • Your client may be on a competitive mortgage rate they wish to retain
  • Funds are required quickly – speedy access to equity
  • Your client has minimal equity for a remortgage
  • Your client has a complex credit profile

At Clever Lending we have developed close relationships with a wide number of lenders to ensure we have a vast choice of products to suit many client needs.

Our criteria includes:

  • Loans up to £2.5 million
  • Terms up to 30 years
  • Fixed rate options – 2, 3, 4, 5 and 10 years
  • Standard LTV 95%
  • Employed and self employed
  • Pension income accepted as sole income
  • Benefits income accepted as sole income
  • Complex affordability cases considered

Clever Lending are also at the forefront of regulatory change and are here to support you with any aspect of this, ensuring you capitalise on all opportunities.

Just click here to view our Product Guide.

To learn more about second charge mortgages then download our Quick Guide.

You can submit a case here or call us on 0800 316 2224 to discuss any case requirements or simply email