How to Obtain a Second Charge Loan or a Further Advance with Abodo
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A Second Charge Loan allows you to borrow against the equity in your home without altering your primary mortgage. Essentially, it’s a second loan secured on your property, separate from your main mortgage. This means you’ll have two loans secured against your home, with separate monthly payments for each. A Second Charge Loan could be beneficial if your current mortgage rate is favourable and you’d like to avoid remortgaging but still need access to funds.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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Speak to our mortgage team to discuss your remorgaging options. We will help you choose the most appropriate deal.
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Your Life Journey
Ongoing support beyond mortgage completion
Personalised Approach
Unique mortgage strategy for each client
Market Expertise
Comprehensive market research with Whole of Market lenders on offer
Transparency
Clear, jargon-free communication. Ask us anything at any point but we are confident we will have already covered it.
Your Life Journey
Ongoing support beyond mortgage completion
A Further Advance is an additional borrowing from your existing mortgage lender. This option involves increasing your current mortgage balance by borrowing more from the same lender, usually under a separate mortgage agreement. This option may offer simplicity if you prefer to consolidate your payments under one lender rather than taking on a separate loan.
Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Before moving forward with either option, it’s essential to understand the implications. With a Second Charge Loan, you’ll incur interest on a new loan amount, which may have different terms and rates than your main mortgage. For a Further Advance, the new borrowing will typically be at your lender’s current rates, which may differ from your existing mortgage rate.
As with any borrowing secured against your home, both a Second Charge Loan and a Further Advance have risks. Failure to keep up with payments could put your home at risk of repossession. Additionally, increasing your secured debt means paying interest on a higher balance over time, which could lead to higher overall costs.
Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
At Abodo, we pride ourselves on transparency and tailored advice. Our team will work with you to understand your financial situation, goals, and the potential risks. We’ll help you explore lenders and products to find an option that aligns with your needs.
We understand that you may need additional funds for various reasons, from home improvements to consolidating existing debts. If you're a homeowner, two possible options could be a Second Charge Loan or a Further Advance on your mortgage.
At Abodo, Our team of experienced mortgage brokers can guide you through these choices, ensuring you have all the information you need to make an informed decision.
If you’d like to learn more about Second Charge Loans or Further Advances, contact Abodo today. We’re here to guide you every step of the way!
