If a remortgage or further advance doesn’t make sense, a second charge loan could be the answer.
Second charge loans product guide
- Second charge loans from £10,000 – £2.5m
- Second charge rates from 3.75%
- Up to 95% LTV
- Residential and Buy-to-let
- Low ERC’s available
Areas where it may be more appropriate to look at a secured loan:
- Want to retain their current low-rate mortgage
- Want to retain their current interest-only mortgage arrangement
- Are self-employed; where only an accountant’s reference is available for proof of income
- Have a number of unusual income sources
- Want to avoid large redemption penalties
- Need funds quickly and don’t want to remortgage away from their favourable deal
- Want to raise capital against their UK property to purchase foreign property
- Have been declined for a further advance with current lender
- Want to use the money to pay a personal tax bill
And for property investors to:
- Raise money on their residential or BTL property to buy an unmortgageable property for development
- Leave their BTL mortgage arrangement in place, but still raise money using a second charge facility
- Get quick access to funds, as secured loans are generally much quicker to arrange
And also for business purposes:
- To inject cash into a business
- Capital to pay business tax liabilities or to clear a business overdraft
- Money required to purchase stock or machinery
- Raising money on a residential property to purchase a business property
Service you can trust
MCBs knowledge of the financial market is superb. They give honest advice in a way that is easy to understand. We have always found them easily contactable and quick to answer any questions or queries we have. I have never received anything but first class standard from them.
Sonia in Norwich
Excellent fact finding and customer understanding in first instance. Worked tirelessly to find right products which I felt were not only competitive but explained the small detail, which is so often overlooked. Paul also gave a long term view/strategy. An all round first class service.
Andy in Norwich
Great firm, honest, pragmatic and professional advice. I've always found Mark and his team to be really helpful - a rare find in an often bureaucratic industry, highly recommended!
James in Norfolk
Customer at the heart of everything
When dealing with MCB, I've felt they put the customer at the heart of everything they do. In my own personal experience I received excellent customer service for my own mortgage, they sat down with me to understand my needs and showed a genuine interest on helping me achieve this. I was kept up to date throughout the whole mortgage process and would thoroughly recommend MCB to anyone needing guidance/reassurance on help their finances.
Matthew in Norwich
Mark and the team are superb. No silly jargon, no hard sell, just good old fashioned customer service and advice. Highly recommended, and will use them again and again. They have already helped me on several occasions. I have also recommended them to friends and colleagues.
Richard in Suffolk