Second Mortgages/Homeowner Loans FAQs
What are Second Mortgages?
Second Mortgages, also known as homeowner loans, secured loans or second charges are secured against your property. Second Mortgages are ideal if you want to borrow a large amount of money and are usually used to consolidate existing credit or to make home improvements.
As your property is provided as collateral for the loan, loan providers see you as less of a risk. However, your home could be at risk if you are unable to repay your Second Mortgage.
What do I need to qualify for a Second Mortgage?
You need to be a homeowner with an existing mortgage. The mortgage must be the first charge on your property, and a Second Mortgage will sit behind it.
How much can I borrow?
Second Mortgage amounts are available from £5,000 to £2,500,000 but if you have a request that is outside this range, we may still be able to help on a referral basis. Please contact us and we will do our best to help you.
How long does it take to get the Second Mortgage?
It can vary from case to case but from the day you call us, we aim to complete in just a few weeks and we will always keep you informed throughout the process. We pride ourselves on offering the best possible customer service and as a result, believe we can offer one of the quickest completion times within the Second Mortgage industry.
Can I borrow more in future?
If you would like to increase the amount you wish to borrow, simply contact your friends here at Loans Warehouse to discuss your options.
Does it require a credit check?
At Loans Warehouse we conduct ‘soft searches’ which do not affect your credit rating in any way. We promise not to leave a footprint on your credit rating.