A second charge loan is a quick and efficient way to raise funds against the value of a property. As the name suggests, a second charge loan will sit behind the first charge which is the principal mortgage on the property.
Holding a specific second charge gives the borrower significant flexibility as the borrower can raise capital quickly for a specific purpose. Funds can be used to finance refurbishment projects, acquire properties or simply to raise capital for business purposes.
A second charge is highly flexible as it can be paid back quickly and independently of the principal mortgage. Unlike most large high street banks and lenders we do not charge any early repayment fee if the loan is paid off at any time after the first three months of the term.