Second charge mortgages

  • Raise the finance you need without remortgaging
  • Borrow money for almost any purpose
  • Repay your mortgage in full without early repayment charges
  • Over pay your mortgage, without charge, at any time

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We will consider*:

  • lending into retirement
    The maximum age you can be at the end of the loan term is 85
  • minimum occupancy
    You must have lived at the property (that you own) for a minimum of 3 months
  • low incomes
    There is no minimum income threshold
  • smaller property values
    The minimum property value is £70,000

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* subject to an underwriting and affordability assessment

Product highlights

  • Borrow up to £500,000
  • Terms up to 35 years*
  • Variable and fixed rates available**


*Subject to lending criteria
**At the end of the Fixed Rate Period the interest rate will change to a variable interest rate, which may be varied at the discretion of Shawbrook Bank.

Second Charge Video Placeholder

Video: What is a second charge mortgage?

If you're not sure what a second charge mortgage is, or how the application process works, please watch this short informative video. 


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For building memories, not just extensions

Whilst second charge mortgages are most commonly used for consolidating debt or home improvements, there are in fact many purposes for this finance:

  • A wedding
  • A holiday of a lifetime
  • Extending a lease
  • Business purposes
  • A deposit for an additional property purchase
  • To purchase a car (maximum term of 5 years)
  • School fees
  • To transfer equity

Existing customers

Discounted broker fee

Contact us today, and with your consent, we will transfer you to one of our trusted mortgage broker partners. The broker will research the whole second charge mortgage market and if Shawbrook has the best deal for you, they will charge a discounted broker fee*.

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* This offer only applies to Shawbrook second charge mortgage applications

Representative Example

A second charge mortgage of £49,825.00 repayable over 288 months, with a fixed borrowing rate of 5.85% per annum for the first 60 months, followed by 228 months at Shawbrook's variable interest rate (currently 5.45%). This would require 60 monthly instalments of £322.34, followed by 228 monthly instalments of £312.39.

The Total amount payable would be £94,510.32 made up of the amount borrowed (£49,825.00) plus interest £44,565.32, consisting of broker fees £3,395.00, lender fee £395.00, banking disbursement fee £35.00 and discharge fee £120.00 (made on final repayment).

The overall cost for comparison is 6.7% APRC Representative.

The actual rate available will depend on your circumstances. Fees may vary. Ask us for a personalised illustration.

Last updated: 1 July 2021

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