Anyone with experience getting the best second charge mortgage?

Memphis.g

Hi,

I am looking for a second charge mortgage, but cant find any comparison websites that compare second charge mortgage rates.

The second charge mortgage will be used to fund a home extension (there is sufficient equity in the property) and I have already considered a personal loan, credit cards and dismissed these options as they do not provide me with enough funds.

I have considered a secured loan and rates are around 6%, so hoping a second charge mortgage rate will be lower.

Just looking for some on advice on the above from someone who has been through the same.

Thanks.

kingstreet

A 'second charge mortgage' and a 'secured loan' are the same thing.

If you have a mortgage on the property can't you go back to the existing lender for a further advance?

Memphis.g

are they identical products? Did not realise that they were, will look into that.

Could go back to original lender but then I'd lose my sweet rate

Thanks

kingstreet

Memphis.g wrote: »

are they identical products? Did not realise that they were, will look into that.

Could go back to original lender but then I'd lose my sweet rate

Thanks

You wouldn't, a further advance is additional borrowing and it wouldn't affect your existing mortgage product.

Memphis.g

Will discuss this with the bank. TBH did not discuss this the last time I went in. Hope its as simple as that! Thanks again

kingstreet

If they don't offer a further advance, they should offer a secured loan at something like standard mortgage rate, around 3% to 4%. It should be better than any other second charge/secured loan from a third-party lender you might look at.