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Secured Loans Online (Second Charge Mortgage)

A secured loan, also known as a second charge mortgage, is a loan that’s secured against a property that is already mortgaged. It works in the same way as a mortgage and the application process is the same.

If you’ve been refused a further advance or a re-mortgage on your property, a secured loan offers you another route to raising funds. Lenders offering secured loans are usually a little more flexible than mortgage providers and therefore if you have a less than perfect credit record, a secured loan might just be the answer.

That said, it’s not only clients with a damaged credit history who could benefit from a second mortgage. If your existing mortgage is on a low rate, you may not want to re-mortgage the entire borrowing to a new lender, at what may be a higher rate. Or you may face redemption penalties if you take your mortgage away from the current mortgage lender, which negates any benefit in such a change.

A secured loan avoids both situations by leaving the existing mortgage untouched, securing the new loan behind it.

If left in the reputable hands of Mortgage Search Go, you can rest assured you will be provided with a deal that best suits your needs

If you’d like more information on secured loans, please get in touch. Call us on 0844 69 333 60 or click here to contact us.


Why use a secured loan? 

The purpose of the loan can be more flexible than a re-mortgage. As well as considering home improvements and debt consolidation, a secured loan lender may also consider lending for business purposes or to pay a tax bill.

But there are other reasons a secured loan might be a good idea, including:

  • You’re on a very low rate with your current first charge lender and wish to keep that rate. In which case the secured loan will simply sit alongside it.
  • You have an ‘interest-only mortgage’ and wish to retain it.
  • You have a large early repayment penalty on your current mortgage.
  • You need funds quickly. (Secured loans tend to have a shorter processing time than a re-mortgage.)
  • You've been declined for a further advance or re-mortgage.


How much can I borrow on a secured loan?

Like many mortgages, this will largely depend on your situation and will vary from one lender to another. A secured loan lender will always check that your personal income is sufficient to cover both your current mortgage and the new secured loan, much like they would for your monthly outgoings and income for a standard residential mortgage.

We can help you put your case together and get you in the best position for a successful claim. 

If you would like more information on secured loans, please get in touch.

Call our helpful tem on 0844 69 333 60 or click here to contact us.