Do you already have a suitable mortgage meeting your needs but require additional funding? Maybe you’re restricted from this due to the parameters of your contract, i.e. a fee is payable. The dilemma is whether you exit your current deal, possibly a fixed rate, within the tie in period.

In that case a 2nd charge may well prove to be the best and most affordable option going forward, because it leaves your existing mortgage intact.

All 2nd charge loans on your main residence fall under the Financial Conduct Authority (FCA) and a code of ethics apply. A second charge can be arranged over a shorter term than the existing mortgage and once repaid in full the legal charge will be removed and the main mortgage left to run its term. Alternatively If a fixed rate on the main mortgage has three years to run and the second charge will run for a further 7 years in this example a full mortgage review is advisable.

Every part of the decision-making process will have been recorded, leaving no room for error and therefore putting the applicant in the best possible position to achieve their goals.