2nd charge mortage / secured loan

DPR1983

Hello all,


1st questions from me, been a site 'user' for years but usually I can find the answers I need in other posts.


We are looking for a 2nd charge mortgage / secured loan of around £50k for a home extension. Or current credit rating is poor at best, but we have overcome these issues and we are now in a good place income and expenditure wise.

The secured loan wold take us to just under 75% LTV of our home so I would assume it would be viable with our poor credit score.


Who can you recommend? I know we will be hit with a higher rate but we have budgeted this and know it is affordable. We have already spoken to our current mortgage company but they said no not at this time.


thanks for any help

Lilla_D

There is not enough information for a recommendation and if anyone suggests a lender, they'd be wasting your time, as way more information is needed before even naming a lender: credit files, incomes, property details, etc.

Your lender cannot offer a second charge, they could maximum offer a further advance, but based on your circumstances they may or may not be in a position to do so.

A second charge is from a different lender and it's a specialist area, so you'd be best placed to engage a broker, go through all the details and then you can see what your options are.

amnblog

You seem clear you are looking for a second charge but you should be considering a further advance from your current lender, a second charge, or a remortgage to a new lender, to see which best fits your situation.

Hence the sensible suggestion from Lilla that you should engage a broker.

Look for an 'independent broker' who will be able to handle advice on all of these options in-house.