Second Charge Mortgages


Refinance or borrow more

Buy to Let

Buy or Finance

Home Purchase

Moving House

First Time Buyer

Purchase Your First House

Believe Money is an award-winning broker that offers access to second-charge mortgages.

  • Lifetime mortgage could be the perfect way to borrow money for retirement.
  • Access a tax-free cash lump sum from your home while you retain ownership.
  • Our mortgage brokers supports you at every step of the way, helping you make the best choice for your financial future.
  • Great lifetime mortgages deals without the hassle

Refinance or borrow more

Buy to Let

Buy or Finance

Home Purchase

Moving House

First Time Buyer

Purchase Your First House

Secure a second-charge mortgage with our award-winning brokers

If you want to release equity in your home but don’t want to remortgage it, a second-charge mortgage could be the ideal solution. A second charge mortgage allows homeowners to access money tied up in their house without compromising their current mortgages, offering more flexibility.

Believe Money is an award-winning broker that offers access to second-charge mortgages. With us, you can take advantage of a dedicated team of brokers and access to specialist lenders instead of having limited choices with mainstream providers.

What is a second mortgage, and why might I need one?

A second charge mortgage is separate from your original mortgage because you’ll continue making those repayments while also paying for an additional mortgage.

It might seem daunting, but you could find a second-charge mortgage works better for your financial needs than remortgaging.

With a second-charge mortgage, you borrow against the actual equity in your home. For example, if your home is worth £250,000, but your current mortgage makes up £180,000 of that value, you could get a second charge mortgage for a maximum of £70,000.

However, many lenders have a maximum loan-to-value rate, which means you’ll probably be able to borrow around £50,000 to £60,000 depending on the lender you choose – and your personal circumstances.

There are many reasons to get a second-charge mortgage. Let’s take a look at them.

You want to release equity for another purchase

A new mortgage can help you pay for home improvements, renovations, or other purchases. Some people use the money to consolidate debt, pay school fees or make other large purchases.

For example, if you have unsecured personal loans, you can use the equity you release to secure those loans, resulting in longer repayment terms and more security.

There are plenty of uses for second-charge mortgages, but some lenders might want to know what you plan on using the money for.

You’re happy with your existing mortgage deal

One of the main reasons people look for a second-charge mortgage lender is because they’re already on a great deal with their existing lender. If you have a fixed-rate deal, remortgaging your property means you’ll no longer be on the same terms.

In these cases, a second-charge loan can be more beneficial because you can keep your current payments low and get an introductory deal from a second mortgage lender.

You want to avoid early repayment charges

Another major issue with remortgaging your property is the early repayment charges. Lenders have these fees to protect them should you want to exit your mortgage early and move to a different provider.

Each lender will have different fees, but knowing how much you’ll pay before remortgaging your property is essential. A second charge mortgage can be less expensive than moving to a different lender and paying the exit fees.

You’re self-employed

Self-employed individuals can look forward to more flexibility and zero commuting time, but there are also disadvantages to not having an employer. One such drawback of getting an unsecured loan is challenging, as your earning potential isn’t guaranteed.

However, as second-charge mortgages are a form of secured loans, lenders judge you on the equity you have in your property, which means you’re more likely to be successful when you apply.

Second charge mortgage eligibility

Second-charge mortgages are only available for homeowners, but you can take out a second mortgage on any property you own. So, even if you don’t live in the building, it won’t impact your eligibility.

However, you need some viable equity in the property, as you won’t be able to borrow against your current mortgage. Lenders also want to know you’re a good prospect, so they will look at numerous factors before offering a mortgage deal.

Credit rating

Lenders aren’t as concerned with your credit rating because a second mortgage is a secured loan because your equity is their security. However, it’s always good to demonstrate you’re responsible with your finances because a poor credit rating could impact your choices.


Again, your equity is the most critical factor, but lenders will also want to determine whether you can afford the repayments on your mortgage.

Taking out a second charge mortgage is a responsibility, and if you’ve already struggled to make your first mortgage repayments, it might not be the best solution for your needs.

Permission from your current mortgage company

Your second charge lender will also want you to get permission from your current provider, as it shows you can make the repayments. Most people find this easy – but if you’ve had issues with your current lender, your choices might be limited.

Things to consider before choosing a second charge mortgage

While second-charge mortgages are one of the best borrowing solutions available, there are some things to consider. Before making a final decision, these are the things to think about.

Can you make the repayments?

The most important factor to consider is whether you can repay both mortgages monthly. You could face losing your property if you fail to meet your obligations on the outstanding mortgage.

Are your financial circumstances stable?

Second-charge lenders will expect you to stick to your agreement, which means you’ll need to be confident in your financial stability. For example, if you became unemployed or had an unexpected debt, would that impact your repayments?

Do you plan on moving soon?

It’s also essential to consider whether you plan to stay in the current property. If you do decide to move, you’ll have to pay off both mortgages in full, which can affect how much equity you’re left with when purchasing another home.

Can you afford higher interest rates?

If you’re in a fixed rate period with your current mortgage, you’ll also need to factor in the higher rates that come with second-charge mortgages. However, they’re usually lower than the rates associated with personal loans, but paying more interest is inevitable in most cases.

What are the alternatives to a second-charge mortgage?

Some people might find they’re better off with another borrowing solution, and plenty are available, for example:

Personal loans: A personal loan can help you raise extra money, but they come with shorter repayment terms and higher interest rates.

Remortgaging: For many people, remortgaging their property is the first thing they explore, but if you’re already on a great deal, you might pay a lot more.

Credit cards: If you only need to raise money for smaller purchases, you could use a credit card. However, the average credit card has a higher interest rate, and getting trapped into more debt is easy.

Find a second mortgage lender with Believe Money

If you want to keep your existing mortgage in place and take out a second-charge mortgage, there are numerous things to consider.

While mainstream second mortgage lenders are available, specialist lenders judge on an individual basis instead of whether you tick the preset boxes.

As an award-winning second mortgage broker, we specialise in finding the right borrowing solutions, no matter your circumstances.

Here’s what you get when you choose us.

Access to a range of lenders

Some lenders don’t advertise to mainstream applicants and prefer to work with brokers, so you’ll have more options when you go through us. Also, these lenders can tailor a second mortgage to your needs, which gives you more flexibility.

Zero upfront fees

We don’t believe in making things harder for our clients, which is why you can look forward to no fees in advance. Instead, we add small fees to your mortgage, so you won’t have to budget for them.

Work with a dedicated team

We’re highly committed to giving our clients the best possible experience and are proud of the company we’ve built. As an award-winning second-charge broker, we leave no stone unturned when we compare mortgage deals and always put your needs first.

Enquire about second mortgages today

If you’d like to discuss your eligibility for a second-charge mortgage or have any questions about our service, please don’t hesitate to contact us for a free consultation. There’s no obligation to use our brokers, and we can explore alternative solutions too.

About Company

Believe Money is an award-winning mortgage broker with access to exclusive deals from our extensive panel of providers, including no upfront fees and low interest rates to suit your circumstances. Choosing the right mortgage is one of the most important decisions you could ever make and it pays to use an expert like Believe to make sure you’re getting the best deal to suit you now and in the future.

Whether you’re moving house, looking to remortgage or want a good deal on a mortgage refinance, Believe Money works hard to get you the best deal in a smooth, hassle-free process with ongoing support. As soon as you contact us, we’re here at every step of the mortgage journey, right through to completion.

Ready to find the best mortgage deal? Contact us online or give us a call on 01302 591 360.

Why Use Believe Money?

Believe Money is an award-winning finance broker dedicated to offering the best range of affordable loan options. Whatever your circumstances or credit rating, we’re committed to getting you the best secured loan interest rates by searching our entire panel of secured loan providers.

Whatever you need a secured loan for, we’re here to help. Our specialist advisors are available Monday to Friday, so if you need any help please contact us online or give us a call on 01302 591 360.

How It works

Step 1.

Simple, easy application

Step 2.

We search our panel of lenders to find the deal that’s right for you

Step 3.

When you confirm your chosen deal, we get your application moving

Step 4.

The money lands in your bank
account – usually within two weeks

We compare loans from our panel of the UK’s top lenders to get you the best deal.


Contact Us

Mon – Thursday 9am – 7:30pm

Friday 9am – 3pm

Call from a mobile or Landline:

01302 591 360