Second Mortgages

Second Mortgages - Second mortgages are mortgages acquired for a property which have an existing mortgage, yet to be paid back in full. In most instances, second mortgages are subordinate to the first mortgage, in that if the borrower defaults, the first mortgage is paid first. As the risk is higher for the lender due to this, second mortgages often have higher interest rates than first mortgages. Despite this, however, second mortgages can be advantageous in that they can release equity in a property that has been built up through mortgage payments in a first mortgage. This can be especially helpful in instances where the fist mortgage was taken out at a rate which is, or has become unfavourable.

As second mortgages are specialist financial products, they can be hard to obtain, especially during times when mortgage approval rates are low. Lenders will look at a number of factors including: credit score, existing equity (including that acquired through a first mortgage), employment history, existing borrowing and income.

At Capital Fortune, we pride ourselves on finding the right second mortgages for our clients, and giving them the necessary advice for their financial needs going in to the future. We carry out a detailed fact find on behalf of our clients, to gain all the relevant information and make sure any recommendation we make is tailored to your needs, before applying for any second mortgage. We will give full support throughout the application process, every step of the way.

Call our mortgage broker team now on 0845 3 630 430 or complete the Mortgage Enquiry Online. As part of our service, we will call you back.