Second Charge Bridging Loans2018-09-16T16:29:16+00:00

Second Charge Bridging Loans

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What is a Second Charge Bridging Loan?

A second charge bridging loan is a short-term lending product which is secured against a property that already has a mortgage outstanding. If you’re looking to raise funds to do a loft conversion, extension, or other improvements to your property and already have a mortgage outstanding, a second charge bridging loan would enable you to raise the required funds. As your main mortgage is not being repaid, the early repayment charges would not be paid, making a significant saving.

Once the works are complete, a refinance onto a secured loan would be possible, moving the debt to a lower interest rate. The secured loan may well not be possible initially as where heavy works are being undertaken on a property, many lenders are unwilling to lend.

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Latest Second Charge Bridging Loan Offers

View some of the latest second charge bridging loan offers from major lenders.

Product BL0017 - Apply Now
Interest Rate
0.75%
Lender Fee
2%
Max LTV
50%
Security Type
Residential - 2nd Charge
Min-Max Loan
£100,000 - £10,000,000
Max Term
12 Months
Regulated Accepted?
Yes
Product BL0018 - Apply Now
Interest Rate
0.75%
Lender Fee
2%
Max LTV
50%
Security Type
Residential - 2nd Charge
Min-Max Loan
£100,000 - £10,000,000
Max Term
24 Months
Regulated Accepted?
No
Product BL0020 - Apply Now
Interest Rate
0.83%
Lender Fee
2%
Max LTV
65%
Security Type
Residential - 2nd Charge
Min-Max Loan
£100,000 - £1,000,000
Max Term
12 Months
Regulated Accepted?
Yes
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Criteria

Below are the main criteria points to consider when taking out a second charge bridging loan.

1Up to 70% Loan to Value (or 100% with additional security).
2Non-status lenders available.
3Rates from 0.85% per month.
4Loans from £25,000 with no maximum loan size.
5Borrow from 1 month up to 24 months.
6Interest can be rolled into the loan.
7Loans with no early repayment charges available.
8We will consider any exit route.
9Regulated or non-regulated.
10Adverse credit accepted.
11Loans available throughout the UK.
12No early repayment charges.

How Much Can I Borrow?

We can fund second charge bridging loans from £25,000 with no strict maximum loan.

How Much Will It Cost?

Our second charge bridging loans are available from 0.85% per month. In addition to the monthly interest charges, the lender will usually charge an arrangement fee of 2% of the loan amount.

Monthly interest can usually be added to the loan, meaning there are no monthly payments to make.

How Long Do Second Charge Bridging Loans Take to Complete?

We can usually complete second charge bridging loans in 5 – 14 days, where consent from the first charge lender is forthcoming. Where first charge lenders are unwilling to consent to a second charge, we have lenders who can still lend using an equitable charge to secure the loan.

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