Freedom 4 Intermediaries

Second Charge

Second Charge or homeowner loans can offer the opportunity to borrow money for customers who have experienced money issues in the past and have damaged their credit history as a result. A secured homeowner loan can be your best deal as you are more likely to be accepted for a secured loan than a personal loan.

What is a Second Charge loan?

With a second charge loan, collateral, such as your home, is used as security for the repayments. If a second charge loan is not repaid, the lender has the legal power to take what is owed from the property on which the borrowing was secured or even repossess the home.

Second charge loans are usually higher amounts, so are often used to consolidate existing debt. Another popular use for a second charge loan is to spend it on home improvements. This investment in the property will hopefully increase its value when the time comes to sell.

Lenders look far more favourably on potential borrowers with a poor credit rating if they are prepared to secure the borrowing against their home. This gives lenders the security that they will definitely be repaid, either from a monthly repayment or by repossession of the house.

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Freedom for Intermediaries is a trading style of Freedom Finance Limited registered in England and Wales. Company number 06297533. Freedom Finance Ltd is Authorised and Regulated by the Financial Conduct Authority. Registered office: Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. VAT Registration Number: 156 0324 34 Copyright © 2010-2015 Freedom Finance Limited. All rights reserved. Reproduction in whole or in part without permission is prohibited. Calls may be recorded for training and monitoring purposes.