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A second charge bridging loan is a loan secured behind a property or land that already has a first mortgage that is not being redeemed; it is an additional secured loan. Here are some important things to be aware of if you are looking for a second charge bridging loan:

Consent for a second charge - Most bridging loans require consent from the first mortgage company. Most will usually grant consent as long as there is not a large amount of mortgage arrears. We do have lenders that will lend on a second charge basis up to 75% overall loan to value without consent for a second charge being needed from the first lender.

Capped Loan to Value - Most lenders will not lend to such high loan to value on a second charge basis. This is because there is less security. If the property was repossessed the first mortgage company would get all of their money and the second charge lender would only get what is left over so they have to be more careful. Regardless of this we are able to lend up to 125% if you have a clean credit rating and can prove your income; this is on your own home only.

Slightly higher interest rate - For much the same reason as above due to being second in line, rates can be a little higher on a second charge basis. It is however usually better to leave a competitive mortgage in place and then pay a slight premium on the second charge bridging loan as long as it is small in ratio to the size of the first mortgage.

Slightly longer to arrange - Whereas a first charge bridging loan can be arranged in under 5 working days this is less likely as at least two further pieces of information are required. The redemption balance from the first mortgage company and also consent for a second charge from the same.

Minimum loan size of £26,000 - Most bridging loan lenders will only lend £26,000 or more so that the loan is NOT regulated by the Consumer Credit Act which governs the level of fees and also has a calling off period built in. If funds are required rapidly, the last thing one needs is to have to wait up to 8 days before anything can happen. We can arrange a second charge loan from as little as £5,000 although it will likely take 2-3 weeks to complete due to the 8 day cooling off period.

If you wish to get an idea of the cost for your own need either complete our small enquiry form by clicking on the link below or simply call us to discuss your needs without obligation.

FREE CREDIT REPORT!! - Now more than ever it is important to know what your credit report looks like and how you can improve your credit file! Please click on the banner to get your free credit report, you will need to enter a few details to sign up but please take the time to do this! If you would like to email your report over to us, this should also make it easier for us to find the right financial product for you first time!