Life happens
If you already have a mortgage and want to borrow again, there are several options. A secured loan may be worth considering if your circumstances have changed, and remortgaging out of your existing deal isn’t the best option.
Perhaps your employment status or credit rating has changed. Or perhaps the property needs significant repairs, and its valuation has slipped as a result.
How it works
Known as a 'second-charge mortgage', this loan is secured against your home and will run alongside – but independent of – your existing mortgage. It has its own rate and terms, so you could borrow over a shorter period than remains on your current mortgage. Which means you may pay back less in the long term, compared to remortgaging.
Our qualified mortgage advisers can talk to you about your circumstances and help you identify what’s best for you.
Our common sense approach
We know you’re more than just a credit report.
It’s why we get to know the person behind the numbers, so our underwriters make their decision based on your individual circumstances, every time. It’s not rocket science, but it means we can often lend when others won’t.
If one or more of the below apply, talk to us:
- You’ve already retired, or will retire before paying off the loan.
- Your home is made of non-standard materials like concrete or timber.
- It’s a flat in a tower of six or more storeys.
- You’re self-employed, work several jobs, or have a zero-hours contract.
- Your credit history includes arrears, defaults or CCJs.
And these are only examples. There are many more circumstances where we may be able help.
Pool please
One successful company director wanted to transform his multi-million pound home with a new £1.5m renovation, including the creation of a swimming pool complex – but was turned down for such a large loan by his bank, because he’s self-employed.
Read how we helped
Overall cost for comparison
For example: A mortgage of £73,500 payable over 20 years, initially on a fixed rate for 5 years at 7.40% (and then on a tracker rate for the remaining 15 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of £601.62 followed by 180 monthly payments of £574.21 plus a redemption administration fee of £110.00.
The total amount payable would be £139,565 made up of the loan amount (£73,500) plus interest on the loan (£62,712), arrangement fee (£1,750) plus interest on this fee (£1,493) and the redemption administration fee (£110.00).
The overall cost for comparison is 7.6% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
Your home may be repossessed if you do not keep up repayments on your loan.