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.
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.
We know you’re more than just a credit report, that'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.
Overall cost for comparison
For example: A mortgage of £97,020 payable over 21.5 years, initially on a fixed rate for 5 years at 4.99% (and then on a rate for the remaining 16.5 years at 1.8% above the Together Homeowner Managed Rate (THMR) would require 60 instalments of £629.22 followed by 198 monthly payments of £682.58 plus a redemption administration fee of £110.00. Click here to read more information on THMR.
The total amount payable would be £173,014.04 made up of the loan amount (£97,020) plus interest on the loan (£71,318.95), arrangement fee (£2,426) plus interest on this fee (£2,139.05) and the redemption administration fee (£110.00).
The overall cost for comparison is 6.1% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
Any property used as security, including your home, may be repossessed if you do not keep up repayments on your loan or any other debt secured on it.