POSSIBLE REASONS WHY A SECOND CHARGE MORTGAGE MIGHT BE WORTH CONSIDERING
A.
If you’re struggling to get some form of unsecured borrowing, such as a personal loan, perhaps because you’re self-employed.
B.
If your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage. A second mortgage means extra interest just on the new amount you want to borrow.
C.
If your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than to remortgage.
Sometimes a re-mortgage is not possible, for example if you still have high redemption penalties on your existing mortgage. But you may need to raise further funds to carry out home improvements, or to consolidate debts. A 2nd charge or secured loan may be the way forward.
PLEASE NOTE
We are unable to provide you with advice on second charge mortgages. However, we can introduce you to a 3rd party and neither Prestige Financial Solutions (Holdings) Ltd nor PRIMIS are responsible for the service provided.
For more details on 2nd Charges / Secured Loans, or for more information / enquiries on General Financial Advice, please contact Prestige Financial Solutions