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USES FOR A SECOND CHARGE MORTGAGE
The options are endless
Second charge mortgages can be used for an almost endless variety of purposes. So whatever your plans, we can help you with finance to make your dreams a reality.
Here is a list of some of the common, and not so common uses for a second charge mortgage:
- Home improvements
You could use a second charge mortgage to totally refurbish your house, add a conservatory or perhaps a loft conversion.
- Consolidating outgoings
A common use for a second charge mortgage is to consolidate outgoings into one more affordable monthly repayment. This could make it easier for you to manage your household bills.
- A wedding
Have you or a loved one just got engaged and there is a wedding to pay for? A second charge mortgage could take the weight off your shoulders and help you to cover the costs of the big day.
- Children’s tuition fees
Do you have a child/children at a fee paying school and need help with covering the costs? A second charge mortgage could help you with school fees plus all the extras like school trips, uniforms and instruments etc. What’s great about using a second charge mortgage is that the loan is paid directly to you, not the school, and can be paid at any time during the school year. Find out more about our using a second charge mortgage to pay for school fees
- A car
If you have your sights set on a super car, or perhaps traditional car finance routes aren’t for you, a second charge mortgage could help you to make that purchase.
- Paying a tax bill
Are you self-employed and need to pay a large tax bill? A second charge mortgage could help you to settle this bill.
A second charge mortgage is secured on your home
A second charge mortgage requires you to provide your home as security. This means we take a legal charge over your property, like a mortgage provider does. This will be removed once the loan is fully repaid. When you take out a second charge mortgage, you still own your property. We are a responsible lender and want to make sure you can afford the repayments on your second charge mortgage, but this security means, as a last resort, should you be unable to repay the loan we would repossess your property to recover our loss.
We only accept applications via FCA authorised Intermediaries. To learn more about Shawbrook and how we can help you, please give us a call or speak to your broker. If you do not currently use a broker, please call our team on 0345 600 7681 and we will provide you with a list of options.