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Can I Have Two Mortgages On One Property

Best Second Mortgage Rates

I Want To Buy I Want to Remortgage

Can I Have Two Mortgages On One Property

    • 3.84% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.85% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.85% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.86% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.89% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Can I Have Two Mortgages On One Property

Service for second mortgages

If you are looking for a second mortgage, we offer a first class service. 

Our special features include:

  • Borrow from £25,000 to £500,000
  • Market leading rates Exclusive loan deals not available on the high street
  • Fast turnaround - 15 working days possible
  • No perfect credit? We have lenders who will take into account previous defaults and missed payments
  • Short term finance required? 1 to 12 months

Second mortgages: what are they?

Second mortgages are loans on a property that are subordinate to the first charge mortgage (loan).

Secured loans, or homeowner loans, are often called second mortgages or second charge mortgages. 

Second mortgages can be used for a variety of purposes.

It is possible to use a second charge mortgage for almost any legal purpose. Depending on the lender, 2nd charge lenders may accept the following: 

  • Home improvements, renovations and extensions
  • Property development
  • Purchasing a second home in the UK or abroad
  • Buying property at auction
  • Debt consolidation
  • Additional property
  • Car/Vehicle purchase
  • Medical bills
  • School fees
  • Business requirement

How do I get a second mortgage?

There are different criteria for different lenders, but some general guidelines are:

  • You need to have an existing mortgage in place 
  • Typically, a second charge lender won't lend over 90% LTV taking into account the existing first mortgage.
  • It is important to consider your credit history. We can give you more information on how lenders view previous credit blips Location
  • Your location in the UK may determine whether you can raise second charge finance

Independent Advice

If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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