Second charge mortgages

Unlocking potential

A second charge mortgage, (or “secured loan”), can be a good option if you’d like to borrow money while leaving your current mortgage in place. The new loan is secured against your property and is available for many different 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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Uses for a second charge

You can take out a second charge mortgage for all sorts of purposes, including;

  • Home improvements
  • Debt consolidation
  • Lease extension
  • Business purposes (excluding start-ups)
  • Deposit for additional property purchase
  • Payment of a tax bill
  • Wedding
  • Car purchase (maximum term is 5 years)
  • School fees
  • Transfer of 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 £28,895.00 repayable over 252 months, with a fixed borrowing rate of 5.05% per annum for the first 60 months, followed by 192 months at Shawbrook's variable interest rate (currently 4.35%).  This would require 60 monthly instalments of £186.23, followed by 192 monthly instalments of £177.30.

The Total amount payable would be £45,215.40 made up of the amount borrowed (£28,895.00) plus interest £16,320.40, broker fees £2,860.00, valuation fee £0.00, lender fee £0.00, banking disbursement fee £35.00 and discharge fee £120.00 (made on final repayment).


The overall cost for comparison is 6.1% APRC Representative

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

Last updated: 1st July 2020

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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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