Second Charge Residential Mortgages
If you have a client who already has a property but is interested in accessing the equity with in it, they may be considering re-mortgaging or a second charge mortgage. There are pros to both and because clients’ needs and circumstances vary, carrying out an exercise to compare a capital raising re-mortgage with a second charge mortgage and a further advance, will enable your client to make the best short- and long-term decision.
For existing property owners
Only existing property owners are eligible for second charge mortgages and their reasons may vary widely, from wanting to raise capital for personal reasons, such as for education fees, wedding costs, debt consolidation, home improvements or to pay tax bills. Landlords may also wish to raise business capital against existing buy to let properties to upgrade or expand their property portfolios.
Flexible lender benefits
If your client is already on a good fixed-rate deal, a second charge mortgage is likely to be the better option, as opposed to re-mortgaging or a further advance. The lenders in our exclusive network are flexible and understand extraordinary client circumstances, what’s more, unlike re-mortgaging, second charge mortgages are not capped at £35,000 and completion is usually achieved faster.
Speed and efficiency
Established over many years, our assessment process has been refined so that we can quickly and efficiently assess your client’s needs and match them with suitable opportunities through our network of lenders. We can liaise directly with your client (which means the onus of responsibility from a compliance perspective sits with us), or we can consult with you while you deal directly with them.
Key features
Second Charge Residential Mortgages Summary
Property types
- Most property types accepted.
Client types
- Already has an interest only mortgage.
- Property owners approaching retirement.
- Current mortgage has redemption penalties.
- Earns income through multiple sources.
- Existing home or property owners.
- Investment or buy to let property owners.
- Self-employed (including recently).
Client scenarios
- Adverse credit history (wants to maintain current mortgage).
- Capital release for business investment (i.e. buy to let) without re-mortgage time constraints.
- Debt consolidation.
- Education fees (school/university).
- Equity transfer.
- Existing low mortgage rate and looking to raise capital.
- Further advance at a higher rate.
- Holiday home purchases.
- Home improvements and/or while living elsewhere.
- Luxury purchases.
- New mortgage separate from existing mortgage.
- Pay off second charge mortgage earlier (than main mortgage).
- Paying tax bills.
- Raising business capital against buy to let property.
- Raising deposit for further property purchase.
- Re-mortgaging but wants to avoid ERC’s.
- To avoid paying upfront fees.
- To borrow into retirement.
- To raise capital but keep existing low rate.
- To receive advance sooner (than standard re-mortgage).
- To retain interest-only main mortgage.
- Unable to re-mortgage due to adverse credit history.
- Weddings.
FAQ’s
How long does a client need to have been self-employed?
Our lenders can look at clients who have been self-employed for a min of 1 year.
Can you lend to someone in a probation period?
Our lenders can consider applicants within a probation period and day one employment.
My client has had several late/missed payments on their credit cards in the past 12 months, will they be able to raise further finance?
The lenders we use do not penalise clients with recent adverse and are willing to take a view on all types of credit profiles.
Can you do a second charge app in joint names when the first charge/deeds are in single name?
Yes you can, without disturbing the first mortgage and the deeds of the property. Although some lenders insist upon an application in joint names if the client is married.
Can I have a drawdown facility for my home improvements?
Yes. As of January 2021 we now have a lender who can offer a drawdown facility.
Can you offer a second charge mortgage on a fixed rate with no ERC’s?
While some fixed products do carry an early redemption charge, we do have a large selection of fixed rates that are ERC free.
Do your lenders take into account the client’s debt to income ratio?
A couple do, but the majority do not. Therefore, we are often able to provide a second charge to consolidate debt where many high street lenders will not.
Does land registry need to have been updated before further borrowing can happen?
No, we have options that don’t require land registry to be updated.
Want to know more?
Or to talk to us call
Our Second Charge Residential Mortgage experts are:
Sarah Stroud CeMAP
Sarah’s first role in Financial Services was back in 1993 when she joined Woolwich Building Society. From there, she has progressed to cover almost all aspects of the mortgage market; first charge mortgage underwriter/mortgage broker/compliance manager, to name but a few.
In May 2013 Sarah joined Pink Pig Loans Limited, the forerunner to Truffle Specialist Finance, as a second charge underwriter and then progressed to the Sales Team end of 2014. Sarah went on to be appointed as a Director in July 2021.
During her down time Sarah enjoys a range of activities and in her own words is ‘addicted’ to spin classes, which she tries to attend three times a week. She has recently joined Penarth Coastguard as a Coastguard Rescue Officer in a voluntary capacity.
In summary Sarah says: “2023 is a big year for me as it coincides with my 10-year anniversary working with James and 30 years in the industry!”.
Nick Johns CeMAP
Nick has worked in the finance industry for the past 14 years, starting his career in intermediary mortgage support for Barclays before moving into the specialist mortgage market in 2012. He’s worked with Truffle Specialist Finance for the past 5 years becoming a director in 2021 and now head up the sales team.
Nick is very driven and focused with a real passion for finding the best resolutions to clients’ complex residential and BTL mortgage applications.
If you’ve dealt with Nick before you’ll know he is very knowledgeable about the specialist market and will always ensure your client is treated with the utmost professionalism.
Outside of work, Nick is a lover of good food and wine, renovating a new house purchase and walking the dog.
Sarah Stroud CeMAP
Sarah’s first role in Financial Services was back in 1993 when she joined Woolwich Building Society. From there, she has progressed to cover almost all aspects of the mortgage market; first charge mortgage underwriter/mortgage broker/compliance manager, to name but a few.
In May 2013 Sarah joined Pink Pig Loans Limited, the forerunner to Truffle Specialist Finance, as a second charge underwriter and then progressed to the Sales Team end of 2014. Sarah went on to be appointed as a Director in July 2021.
During her down time Sarah enjoys a range of activities and in her own words is ‘addicted’ to spin classes, which she tries to attend three times a week. She has recently joined Penarth Coastguard as a Coastguard Rescue Officer in a voluntary capacity.
In summary Sarah says: “2023 is a big year for me as it coincides with my 10-year anniversary working with James and 30 years in the industry!”.
Nick Johns CeMAP
Nick has worked in the finance industry for the past 14 years, starting his career in intermediary mortgage support for Barclays before moving into the specialist mortgage market in 2012. He’s worked with Truffle Specialist Finance for the past 5 years becoming a director in 2021 and now head up the sales team.
Nick is very driven and focused with a real passion for finding the best resolutions to clients’ complex residential and BTL mortgage applications.
If you’ve dealt with Nick before you’ll know he is very knowledgeable about the specialist market and will always ensure your client is treated with the utmost professionalism.
Outside of work, Nick is a lover of good food and wine, renovating a new house purchase and walking the dog.
Calum Sayer CeMAP
In 2013, Calum graduated with a BSc in Sports Coaching Science from The University of Wales Institute Cardiff. This degree allowed him to combine his love of sports with his natural people skills and as a result, he loved his time at university. After graduating a few jobs followed but in 2015, a friend who was already working in the specialist finance industry invited Calum to an interview where he was offered a position as a trainee specialist mortgage broker.
Over the coming months and years Calum gained CeMAP 1, 2 and 3 and has been part of the specialist finance industry ever since, spending the majority of those years with Truffle Specialist Finance.
Calum has a deep understanding of the specialist mortgage market and prides himself on achieving the best results for his clients.
Calum spends most of his Sunday’s on his local golf course and is a lifelong Manchester United fan.
Edward Smith CeMAP
Edward entered the specialist market 4 years ago, after previously working in telecommunications and the footballing/sporting industry. He started with very limited knowledge of the Specialist Finance industry but has over the years developed key relationships with a wide network of introducing brokers, helping arrange an extensive range of specialist finance options for their clients.
With a focus on excellent service remaining at the forefront, Edward now has a comprehensive understanding of the specialist market. He has a professional approach when dealing with introducers and always maintains the clients’ best interests.
Edward is an avid Liverpool fan but also follows his local side, Cardiff City, when they are winning! If it weren’t for a shoulder and knee operation, he would still play football!
Sarah Stroud CeMAP
Sarah’s first role in Financial Services was back in 1993 when she joined Woolwich Building Society. From there, she has progressed to cover almost all aspects of the mortgage market; first charge mortgage underwriter/mortgage broker/compliance manager, to name but a few.
In May 2013 Sarah joined Pink Pig Loans Limited, the forerunner to Truffle Specialist Finance, as a second charge underwriter and then progressed to the Sales Team end of 2014. Sarah went on to be appointed as a Director in July 2021.
During her down time Sarah enjoys a range of activities and in her own words is ‘addicted’ to spin classes, which she tries to attend three times a week. She has recently joined Penarth Coastguard as a Coastguard Rescue Officer in a voluntary capacity.
In summary Sarah says: “2023 is a big year for me as it coincides with my 10-year anniversary working with James and 30 years in the industry!”.
Nick Johns CeMAP
Nick has worked in the finance industry for the past 14 years, starting his career in intermediary mortgage support for Barclays before moving into the specialist mortgage market in 2012. He’s worked with Truffle Specialist Finance for the past 5 years becoming a director in 2021 and now head up the sales team.
Nick is very driven and focused with a real passion for finding the best resolutions to clients’ complex residential and BTL mortgage applications.
If you’ve dealt with Nick before you’ll know he is very knowledgeable about the specialist market and will always ensure your client is treated with the utmost professionalism.
Outside of work, Nick is a lover of good food and wine, renovating a new house purchase and walking the dog.
Calum Sayer CeMAP
In 2013, Calum graduated with a BSc in Sports Coaching Science from The University of Wales Institute Cardiff. This degree allowed him to combine his love of sports with his natural people skills and as a result, he loved his time at university. After graduating a few jobs followed but in 2015, a friend who was already working in the specialist finance industry invited Calum to an interview where he was offered a position as a trainee specialist mortgage broker.
Over the coming months and years Calum gained CeMAP 1, 2 and 3 and has been part of the specialist finance industry ever since, spending the majority of those years with Truffle Specialist Finance.
Calum has a deep understanding of the specialist mortgage market and prides himself on achieving the best results for his clients.
Calum spends most of his Sunday’s on his local golf course and is a lifelong Manchester United fan.
Edward Smith CeMAP
Edward entered the specialist market 4 years ago, after previously working in telecommunications and the footballing/sporting industry. He started with very limited knowledge of the Specialist Finance industry but has over the years developed key relationships with a wide network of introducing brokers, helping arrange an extensive range of specialist finance options for their clients.
With a focus on excellent service remaining at the forefront, Edward now has a comprehensive understanding of the specialist market. He has a professional approach when dealing with introducers and always maintains the clients’ best interests.
Edward is an avid Liverpool fan but also follows his local side, Cardiff City, when they are winning! If it weren’t for a shoulder and knee operation, he would still play football!
Sarah Stroud CeMAP
Sarah’s first role in Financial Services was back in 1993 when she joined Woolwich Building Society. From there, she has progressed to cover almost all aspects of the mortgage market; first charge mortgage underwriter/mortgage broker/compliance manager, to name but a few.
In May 2013 Sarah joined Pink Pig Loans Limited, the forerunner to Truffle Specialist Finance, as a second charge underwriter and then progressed to the Sales Team end of 2014. Sarah went on to be appointed as a Director in July 2021.
During her down time Sarah enjoys a range of activities and in her own words is ‘addicted’ to spin classes, which she tries to attend three times a week. She has recently joined Penarth Coastguard as a Coastguard Rescue Officer in a voluntary capacity.
In summary Sarah says: “2023 is a big year for me as it coincides with my 10-year anniversary working with James and 30 years in the industry!”.
Nick Johns CeMAP
Nick has worked in the finance industry for the past 14 years, starting his career in intermediary mortgage support for Barclays before moving into the specialist mortgage market in 2012. He’s worked with Truffle Specialist Finance for the past 5 years becoming a director in 2021 and now head up the sales team.
Nick is very driven and focused with a real passion for finding the best resolutions to clients’ complex residential and BTL mortgage applications.
If you’ve dealt with Nick before you’ll know he is very knowledgeable about the specialist market and will always ensure your client is treated with the utmost professionalism.
Outside of work, Nick is a lover of good food and wine, renovating a new house purchase and walking the dog.
Calum Sayer CeMAP
In 2013, Calum graduated with a BSc in Sports Coaching Science from The University of Wales Institute Cardiff. This degree allowed him to combine his love of sports with his natural people skills and as a result, he loved his time at university. After graduating a few jobs followed but in 2015, a friend who was already working in the specialist finance industry invited Calum to an interview where he was offered a position as a trainee specialist mortgage broker.
Over the coming months and years Calum gained CeMAP 1, 2 and 3 and has been part of the specialist finance industry ever since, spending the majority of those years with Truffle Specialist Finance.
Calum has a deep understanding of the specialist mortgage market and prides himself on achieving the best results for his clients.
Calum spends most of his Sunday’s on his local golf course and is a lifelong Manchester United fan.
Edward Smith CeMAP
Edward entered the specialist market 4 years ago, after previously working in telecommunications and the footballing/sporting industry. He started with very limited knowledge of the Specialist Finance industry but has over the years developed key relationships with a wide network of introducing brokers, helping arrange an extensive range of specialist finance options for their clients.
With a focus on excellent service remaining at the forefront, Edward now has a comprehensive understanding of the specialist market. He has a professional approach when dealing with introducers and always maintains the clients’ best interests.
Edward is an avid Liverpool fan but also follows his local side, Cardiff City, when they are winning! If it weren’t for a shoulder and knee operation, he would still play football!
Sarah Stroud CeMAP
Sarah’s first role in Financial Services was back in 1993 when she joined Woolwich Building Society. From there, she has progressed to cover almost all aspects of the mortgage market; first charge mortgage underwriter/mortgage broker/compliance manager, to name but a few.
In May 2013 Sarah joined Pink Pig Loans Limited, the forerunner to Truffle Specialist Finance, as a second charge underwriter and then progressed to the Sales Team end of 2014. Sarah went on to be appointed as a Director in July 2021.
During her down time Sarah enjoys a range of activities and in her own words is ‘addicted’ to spin classes, which she tries to attend three times a week. She has recently joined Penarth Coastguard as a Coastguard Rescue Officer in a voluntary capacity.
In summary Sarah says: “2023 is a big year for me as it coincides with my 10-year anniversary working with James and 30 years in the industry!”.
Nick Johns CeMAP
Nick has worked in the finance industry for the past 14 years, starting his career in intermediary mortgage support for Barclays before moving into the specialist mortgage market in 2012. He’s worked with Truffle Specialist Finance for the past 5 years becoming a director in 2021 and now head up the sales team.
Nick is very driven and focused with a real passion for finding the best resolutions to clients’ complex residential and BTL mortgage applications.
If you’ve dealt with Nick before you’ll know he is very knowledgeable about the specialist market and will always ensure your client is treated with the utmost professionalism.
Outside of work, Nick is a lover of good food and wine, renovating a new house purchase and walking the dog.
Calum Sayer CeMAP
In 2013, Calum graduated with a BSc in Sports Coaching Science from The University of Wales Institute Cardiff. This degree allowed him to combine his love of sports with his natural people skills and as a result, he loved his time at university. After graduating a few jobs followed but in 2015, a friend who was already working in the specialist finance industry invited Calum to an interview where he was offered a position as a trainee specialist mortgage broker.
Over the coming months and years Calum gained CeMAP 1, 2 and 3 and has been part of the specialist finance industry ever since, spending the majority of those years with Truffle Specialist Finance.
Calum has a deep understanding of the specialist mortgage market and prides himself on achieving the best results for his clients.
Calum spends most of his Sunday’s on his local golf course and is a lifelong Manchester United fan.
Edward Smith CeMAP
Edward entered the specialist market 4 years ago, after previously working in telecommunications and the footballing/sporting industry. He started with very limited knowledge of the Specialist Finance industry but has over the years developed key relationships with a wide network of introducing brokers, helping arrange an extensive range of specialist finance options for their clients.
With a focus on excellent service remaining at the forefront, Edward now has a comprehensive understanding of the specialist market. He has a professional approach when dealing with introducers and always maintains the clients’ best interests.
Edward is an avid Liverpool fan but also follows his local side, Cardiff City, when they are winning! If it weren’t for a shoulder and knee operation, he would still play football!