Second charge mortgages

Unlocking potential

A second charge mortgage (or secured loan) can be a good option if you’d like to borrow money without remortgaging your home. The new loan is secured against your property and can be used for a variety of purposes.

This funding option can allow you to avoid the often costly process of re-mortgaging which is what many customers looking to release capital use in the absence of the second charge mortgage option.

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

Your individual circumstances are important to us.

We make decisions using a combination of human experience and technology, and this personal way of assessing your application means we can often be more flexible and helpful than other lenders.

  • Raise the finance you need without having to remortgage
  • Borrow from £5,000 to £500,000 for up to 30 years*
  • Fixed and variable rates available**
  • Complete flexibility to repay your mortgage in full at any time
  • Overpayments can be made at any time

* Subject to our 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

Your individual circumstances are important to us.

Representative Example

A second charge mortgage of £73,930.00 repayable over 300 months, with a fixed borrowing rate of 5.80% per annum for the first 24 months, followed by 276 months at Shawbrook's variable interest rate (currently 5.45%). This would require 24 monthly instalments of £467.33, followed by 276 monthly instalments of £452.70.

The Total amount payable would be £140,211.12 made up of the amount borrowed (£73,930.00) plus interest £66,161.12, broker fees £3,500.00, valuation fee £0.00, lender fee £395.00, banking disbursement fee £35.00 and discharge fee £120.00 (made on final repayment).

The overall cost for comparison is 6.3% APRC Representative

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

Last updated: 4 January 2021

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A national network of professional intermediaries

Our mortgage products are available via a network of independent brokers - professional intermediaries whose job is to suggest the mortgage that’s best for you.

Although your application must be packaged and presented by an approved Shawbrook broker partner, we are happy to discuss a project over the phone or answer questions via email, so please feel free to get in touch.

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