01275 399299
info@manormortgages.com

Second Charge Mortgages

Offer Clients Extra Borrowing Without Early Repayment Charge

Do your clients need to borrow a little extra? Instead of redeeming their first charge mortgage (and paying a hefty ERC), a second charge could be the answer.

Why Second Charge Mortgages Are in High Demand

The demand for second charges has skyrocketed in recent years and clients want to raise
money on their property without losing their low first charge interest rate.
The most common reasons for taking out a second charge are the following:
– Debt consolidation
– Home improvements
– New purchase

Adverse Credit? Flexible Second Charge Solutions Have You Covered

Often, clients looking to consolidate debt, will also have adverse credit.
The good news is that our lenders have flexible criteria and will accept:
– Missed secured or unsecured payments,
– Defaults and CCJs
– DMP, IVA and Bankruptcy

Submit a case
Criteria Highlights

Up to 85% LTV
Residential or BTL
Adverse credit accepted
Up to 6X income
Non-standard properties
Low upfront fees
AVM up to 80% LTV
No ERC products available
Top slicing on BTL
Free legals on certain products

Reasons to use Bridging finance

Avoid ERCs
Raise capital quickly
Raise funds for business purposes
Raise funds for a life event (for
instance, a wedding)
Clear high-interest loans
Clear tax bill
BTL or second home purchase
Purchase a car
Children’s tuition fees

CASE STUDY

The Challenge

A broker called us about a case, where the client was struggling with high-interest debt. The client had over £100k on credit cards, but also just renewed their first charge deal, which had a 5% ERC.

The Solution

We identified a lender with low upfront fees and a reasonable sub-8% interest rate. The client was able to convert expensive debt to a single, low cost monthly payment, which saved them thousands.

A few more things we’re great at…

Specialist BTL

Complex Residential

Bridging

Expat