What is a Second Charge Bridging Loan?
These are short term loans which are secured against a property which already has an outstanding mortgage on it. You might take out such a loan because you require instant funds to do some improvements on your property, a loft conversion and or an extension. As the main mortgage is not being repaid, the early repayment charges would not be paid making you a huge saving.
Latest Second Charge Bridging Loan Offers
View some of the latest offers from leading lenders.
Product BF160Apply Now
|Interest Rate 0.75%||Lender Fee 2%||Max LTV 50%||Max Term 12 Months||Min-Max Loan £100,000 - £10,000,000||Security Type Residential - 2nd charge||Regulated? Yes|
Product BF17Apply Now
|Interest Rate 0.75%||Lender Fee 2%||Max LTV 50%||Max Term 24 Months||Min-Max Loan £100,000 - £10,000,000||Security Type Residential - 2nd charge||Regulated? No|
Product BF20Apply Now
|Interest Rate 0.83%||Lender Fee 2%||Max LTV 65%||Max Term 12 Months||Min-Max Loan £100,000 - £1,000,000||Security Type Residential - 2nd charge||Regulated? Yes|
Once the required works are completed, then it will be possible for you to do a refinance onto a secured loan, which would move the debt to a lower interest rate. It may be the case that a secured loan might be difficult to obtain initially because lenders may be less willing to lend whilst extensive works are being carried out on a property.
With our assistance, we can help you secure a second charge bridging loan amount of £50,000 upwards.
Key benefits of taking out a second charge bridging loan:
- You can obtain up to 70% Loan to Value or even 100% with additional security
- You can borrow for up to 24 months
- Interest rate charges start from 0.85% per month and interest can be rolled into the loan
- No early repayment charges and any exit route will be considered
- Non-status lenders –no income required as along as feasible exit route is provided.
- Applies to regulated and unregulated
- Adverse credit can be accepted
- Loans are available throughout the U.K.
As mentioned above, second charge bridging loans are available from 0.85% per month. The lender will also typically charge a lender arrangement fee of about 2% of the loan amount.
Here at Finbud we can help you to complete a second charge bridging loan usually within 2 weeks. Please note that some first charge lenders may be unwilling to accept or approve of a second charge, but in these cases, rest assured as we have lenders who can still lend using an equitable charge to secure the loan.
CALL OUR INDEPENDENT ADVISORS NOW
0207 788 6627
Open 7 days a weekRequest a call back